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"decimals": -5, "dimensions": { "concept": "ifrs-full:IncomeTaxesPaidClassifiedAsOperatingActivities", "entity": "scheme:724500IGR5FBK0RLZI29", "period": "2024-12-31T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:EUR" } }, "fact-384": { "value": "3200000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:IncomeTaxesPaidClassifiedAsOperatingActivities", "entity": "scheme:724500IGR5FBK0RLZI29", "period": "2023-12-31T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:EUR" } }, "fact-385": { "value": "30400000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:CashFlowsFromUsedInOperatingActivities", "entity": "scheme:724500IGR5FBK0RLZI29", "period": "2024-12-31T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:EUR" } }, "fact-386": { "value": "18500000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:CashFlowsFromUsedInOperatingActivities", "entity": "scheme:724500IGR5FBK0RLZI29", "period": "2023-12-31T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:EUR" } }, "fact-387": { "value": "Kendrion N.V.", "dimensions": { "concept": "ifrs-full:NameOfReportingEntityOrOtherMeansOfIdentification", "language": "en", "entity": "scheme:724500IGR5FBK0RLZI29", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-388": { "value": " N.V.", "dimensions": { "concept": "ifrs-full:LegalFormOfEntity", "language": "en", "entity": "scheme:724500IGR5FBK0RLZI29", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-389": { "value": "the Netherlands", "dimensions": { "concept": "ifrs-full:DomicileOfEntity", "language": "en", "entity": "scheme:724500IGR5FBK0RLZI29", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-390": { "value": "the Netherlands", "dimensions": { "concept": "ifrs-full:CountryOfIncorporation", "language": "en", "entity": "scheme:724500IGR5FBK0RLZI29", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-391": { "value": "Herikerbergweg 213, 1101 CN Amsterdam", "dimensions": { "concept": "ifrs-full:AddressOfRegisteredOfficeOfEntity", "language": "en", "entity": "scheme:724500IGR5FBK0RLZI29", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-392": { "value": "The consolidated financial statements of the Company as at and for the year ended 31 December 2025 comprise the Company and its subsidiaries (together also referred to as the \u2018Group\u2019).", "dimensions": { "concept": "ifrs-full:DisclosureOfGeneralInformationAboutFinancialStatementsExplanatory", "language": "en", "entity": "scheme:724500IGR5FBK0RLZI29", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-393": { "value": "The Group is involved in the design and manufacture of advanced actuators and control systems for a wide range of industrial applications, including wind energy, robotics, medical devices, factory automation, energy distribution and industrial heating processes. These solutions enhance efficiency, precision and performance in complex industrial environments.", "dimensions": { "concept": "ifrs-full:DescriptionOfNatureOfEntitysOperationsAndPrincipalActivities", "language": "en", "entity": "scheme:724500IGR5FBK0RLZI29", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-394": { "value": "
Statement of compliance
The consolidated financial statements as of 31 December 2025 have been prepared in accordance with International Financial Reporting Standards
(IFRS Accounting Standards) and IFRS IC interpretations (IFRIC), published by the International Accounting Standards Board (IASB) as adopted by
the European Union (hereinafter referred to as EU-IFRS) and in accordance with the legal requirements of Part 9, Book 2 of the Dutch Civil Code.
The Company financial statements are integrated part of the 2025 financial statements of Kendrion N.V.
", "dimensions": { "concept": "ifrs-full:StatementOfIFRSCompliance", "language": "en", "entity": "scheme:724500IGR5FBK0RLZI29", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-395": { "value": "Statement of compliance The consolidated financial statements as of 31 December 2025 have been prepared in accordance with International Financial Reporting Standards (IFRS Accounting Standards) and IFRS IC interpretations (IFRIC), published by the International Accounting Standards Board (IASB) as adopted by the European Union (hereinafter referred to as EU-IFRS) and in accordance with the legal requirements of Part 9, Book 2 of the Dutch Civil Code. The Company financial statements are integrated part of the 2025 financial statements of Kendrion N.V. ", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfPreparationOfFinancialStatementsExplanatory", "language": "en", "entity": "scheme:724500IGR5FBK0RLZI29", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-396": { "value": "
The financial statements were authorized for issue by the Executive Board on 27 February 2026.
", "dimensions": { "concept": "ifrs-full:DisclosureOfAuthorisationOfFinancialStatementsExplanatory", "language": "en", "entity": "scheme:724500IGR5FBK0RLZI29", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-397": { "value": "Basis of measurement The financial statements are presented in millions of euros, the euro also being the Company\u2019s functional currency. The financial statements have been prepared on a historical cost basis except that: \u25a0 derivative financial instruments are stated at fair value; \u25a0 the defined benefit liability is recognized as net total of plan assets and present value of the defined benefit obligations. The Executive Board had, at the time of approving the financial statements, a reasonable expectation that the Group have adequate resources to continue in operational existence for the foreseeable future. Thus they continue to adopt the going concern basis of accounting in preparing the financial statements. The methods used to measure the fair values are disclosed in note r. In preparing these consolidated financial statements, the Executive Board has made judgements and estimates that affect the application of the Group\u2019s accounting policies and the reported amounts of assets, liabilities, income and expenses. Actual results may differ from these estimates. Estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to estimates are recognized prospectively. Executive Board made critical judgements in the process of applying Group\u2019s accounting policies and have the most significant effect on the amounts recognized in the consolidated financial statements, see notes: \u25a0 note 2 \u2013 determination of groups of CGUs for goodwill impairment testing; \u25a0 note 5 \u2013 selection of valuation method for inventories.
In preparing these consolidated financial statements, the Executive Board has made judgements and estimates that affect the application of the Group\u2019s
accounting policies and the reported amounts of assets, liabilities, income and expenses. Actual results may differ from these estimates. Estimates and
underlying assumptions are reviewed on an ongoing basis. Revisions to estimates are recognized prospectively.
\u25a0 note 8 \u2013 Assets classified as held for sale and discontinued operations.
Executive Board made estimations concerning the future, and other key sources of estimation uncertainty at the end of the reporting period,
that may have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year.
\u25a0 note 2 \u2013 management forecast and growth rate of each cash-generating unit to determine whether goodwill is impaired;
\u25a0 note 2 \u2013 management forecast of cashflows to determine whether customer relations are impaired;
\u25a0 note 4 \u2013 management forecast of profit before tax for utilisation of tax losses;
\u25a0 note 4 \u2013 outcome of tax audits;
\u25a0 note 5 \u2013 valuation of inventories;
\u25a0 note 6 \u2013 valuation of customer claims and other receivables;
\u25a0 note 12 \u2013 valuation of defined benefit obligations;
\u25a0 note 13 \u2013 provisions;
\u25a0 note 16 \u2013 leases.
Due to the impact on climate change supported by various legislative initiatives, the automotive industry is transitioning from combustion engine vehicles
to electric and hybrid vehicles, which impacts the Groups Automotive business. The imminent phase out of existing technologies has impacted the
accounting estimates around the valuation of goodwill. The economic life and valuation of the tangible fixed assets is not impacted by this changed
outlook. On the other hand the transition towards electrification in automotive and the broader energy transition poses opportunities for the Group to
develop new strategically relevant products and secure profitable growth for the future.
", "dimensions": { "concept": "ifrs-full:DisclosureOfAccountingJudgementsAndEstimatesExplanatory", "language": "en", "entity": "scheme:724500IGR5FBK0RLZI29", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-398": { "value": "
The Executive Board had, at the time of approving the financial statements, a reasonable expectation that the Group have adequate resources to
continue in operational existence for the foreseeable future. Thus they continue to adopt the going concern basis of accounting in preparing the financial
statements.
", "dimensions": { "concept": "ifrs-full:DisclosureOfGoingConcernExplanatory", "language": "en", "entity": "scheme:724500IGR5FBK0RLZI29", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-399": { "value": "Executive Board made estimations concerning the future, and other key sources of estimation uncertainty at the end of the reporting period, that may have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year. \u25a0 note 2 \u2013 management forecast and growth rate of each cash-generating unit to determine whether goodwill is impaired; \u25a0 note 2 \u2013 management forecast of cashflows to determine whether customer relations are impaired; \u25a0 note 4 \u2013 management forecast of profit before tax for utilisation of tax losses; \u25a0 note 4 \u2013 outcome of tax audits; \u25a0 note 5 \u2013 valuation of inventories; \u25a0 note 6 \u2013 valuation of customer claims and other receivables; \u25a0 note 12 \u2013 valuation of defined benefit obligations; \u25a0 note 13 \u2013 provisions; \u25a0 note 16 \u2013 leases.", "dimensions": { "concept": "ifrs-full:DisclosureOfAssetsAndLiabilitiesWithSignificantRiskOfMaterialAdjustmentExplanatory", "language": "en", "entity": "scheme:724500IGR5FBK0RLZI29", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-400": { "value": "Executive Board made estimations concerning the future, and other key sources of estimation uncertainty at the end of the reporting period, that may have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year. \u25a0 note 2 \u2013 management forecast and growth rate of each cash-generating unit to determine whether goodwill is impaired; \u25a0 note 2 \u2013 management forecast of cashflows to determine whether customer relations are impaired; \u25a0 note 4 \u2013 management forecast of profit before tax for utilisation of tax losses; \u25a0 note 4 \u2013 outcome of tax audits; \u25a0 note 5 \u2013 valuation of inventories; \u25a0 note 6 \u2013 valuation of customer claims and other receivables; \u25a0 note 12 \u2013 valuation of defined benefit obligations; \u25a0 note 13 \u2013 provisions; \u25a0 note 16 \u2013 leases.", "dimensions": { "concept": "ifrs-full:ExplanationOfAssumptionAboutFutureWithSignificantRiskOfResultingInMaterialAdjustments", "language": "en", "entity": "scheme:724500IGR5FBK0RLZI29", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-401": { "value": "Significant accounting policies The accounting policies set out below have been applied consistently to all periods presented in these consolidated financial statements and by the entities within the Group. Basis of consolidation Business combinations No business combination occurred in 2025. Business combinations are accounted for using the acquisition method at the acquisition date, which is the date on which control is transferred to the Group. Control refers to the authority to govern the financial and operating policies of an entity to obtain benefits from its activities. When assessing control, the Group takes into consideration potential voting rights that are currently exercisable. The Group measures goodwill at the acquisition date as: \u25a0 the fair value of the consideration transferred; plus \u25a0 the recognized amount of any non-controlling interests in the acquiree; plus \u25a0 if the business combination is realized in stages, the fair value of the pre-existing equity interest in the acquiree; less \u25a0 the net recognized amount (generally fair value) of the identifiable assets acquired and liabilities assumed. If the excess is negative, a bargain purchase gain is recognized immediately in comprehensive income (hereafter also referred to as \u2018profit or loss\u2019). The consideration transferred does not include amounts relating to the settlement of pre-existing relationships. Such amounts are generally recognized in profit or loss. Transactions costs, other than those associated with the issue of debt or equity securities that the Group incurs in connection with a business combination are expensed as incurred. Any contingent consideration payable is measured at fair value at the acquisition date. If the contingent consideration is classified as equity, then it is not remeasured and settlement is accounted for within equity. Otherwise, subsequent changes in the fair value of the contingent consideration are recognized in profit or loss. When share-based payment awards (replacement awards) are required to be exchanged for awards held by the acquirees employees (acquirees awards) and relate to past services, then all or part of the amount of the acquirer\u2019s replacement awards is included when measuring the consideration transferred in the business combination. This determination is based on the market-based value of the replacement awards as compared to the market- based value of the acquirees awards and the extent to which the replacement awards relate to past and/or future service . Subsidiaries Subsidiaries are entities controlled by the Company. The Company controls an entity if it is exposed to, or has rights to, variable returns from its involvement with the entity and has the ability to affect those returns through its power over the entity. The financial statements of subsidiaries are included in the consolidated financial statements from the date that control commences, until the date that control ceases. The shares of third parties in shareholders\u2019 equity and results are stated separately. The accounting policies of subsidiaries are changed, where necessary, to align them with the policies adopted by the Company. Transactions eliminated on consolidation Intragroup balances and transactions, as well as any unrealized gains and losses or income and expenses arising from intragroup transactions, are eliminated when preparing the consolidated financial statements . Foreign currency Foreign currency transactions Transactions expressed in non-euro zone currencies are translated into euros at exchange rates at the date of the transaction. Monetary assets and liabilities denominated in non-euro zone currencies at the reporting date are translated into euros at the exchange rate at that date. Non-monetary assets and liabilities denominated in non-euro zone currencies that are measured at historical cost are translated at the exchange rate at the date of the transaction. Non-monetary assets and liabilities denominated in non-euro zone currencies that are measured at fair value are translated in euros at the exchange rates when the fair value was determined. Currency differences on foreign currency transactions are recognized in profit or loss, except loans considered to be part of the net investment, or qualifying cash flow hedges to the extent the hedges are effective. Translation of foreign currency financial statements Translation of foreign currency financial statements depends on the functional currency of the company concerned. The closing rate method is applied if the functional currency of the company is other than the euro. With this method, assets and liabilities of non-euro zone operations, including goodwill and fair value adjustments arising at the time of acquisition, are translated into euros at exchange rates at the reporting date. The income and expenses of non-euro zone operations are translated into euros at rates approximating the exchange rates at the date of the transaction. Foreign currency translation differences are recognized in other comprehensive income and accumulated in the translation reserve, which is a component of equity. On the partial or complete sale of a foreign operation, the related amount is transferred from the translation reserve to profit or loss. Foreign exchange gains and losses arising from a monetary item receivable from or payable to a non-euro zone operation, of which the settlement is neither planned nor likely in the foreseeable future, are considered to form part of a net investment in a non-euro zone operation and are recognized directly in equity, in the translation reserve. Property, plant and equipment Owned assets Items of property, plant and equipment are measured at cost or assumed cost less accumulated depreciation and accumulated impairment losses (see accounting policy g). The cost includes expenditure that is directly attributable to the acquisition of the asset. The cost of self-constructed assets includes the cost of materials, direct labour, the initial estimate, where relevant, of the costs of dismantling and removing the items and reinstating the site on which they are located, a reasonable proportion of production overheads, and capitalized borrowing costs. Where parts of an item of property, plant and equipment have different useful lives, they are accounted for as separate items of property, plant and equipment. Lease The Group assesses whether a contract is, or contains, a lease, at inception of the contract. The group recognizes a right-of-use asset and a corresponding lease liability with respect to all lease arrangements in which it is the lessee, except for short-term leases (defined as leases with a lease term of 12 months or less) and leases of low value assets (such as tablets and personal computers, small items of office furniture and telephones.
For these leases, the group recognizes the lease payments as an operating expense on a straight-line basis over the term of the lease unless another
systematic basis is more representative of the time pattern in which economic benefits from the leased assets are consumed.
The lease liability is initially measured at the present value of the lease payments that are not paid at the commencement date, discounted using the
interest rate implicit in the lease or, if that rate cannot be readily determined, the Group\u2019s incremental borrowing rate. Generally, the Group uses its
incremental borrowing rate as the discount rate. The Group determines its incremental borrowing rate by obtaining interest rates from various external
financing sources and makes certain adjustments to reflect the terms of the lease and type of the asset leased.
Lease liability included in the measurement of the lease liability comprise:
\u25a0 Fixed lease payments (include in-substance fixed payments), less any lease incentive receivable;
\u25a0 Amounts expected to be payable under a residual value guarantee;
\u25a0 Exercise price under a purchase option that the Group is reasonably certain to exercise, lease payments in an optional renewal period if the Group
is reasonably certain to exercise an extension option;
\u25a0 Payments of penalties for terminating the lease, if the lease term reflects the exercise of an option to terminate the lease.
The lease liability is subsequently measured by increasing the carrying amount to reflect interest on the lease liability (using the effective interest method)
and by reducing the carrying amount to reflect the lease payments made. The Group remeasures the lease liability (and makes a corresponding
adjustment to the related right-of-use asset) whenever:
\u25a0 The lease term has changed or there is a significant event or change in circumstances resulting in a change in the assessment of exercise of
a purchase option, in which cases the lease liability is remeasured by discounting the revised lease payment using a revised discount rate;
\u25a0 The lease payments change due to changes in an index or rate or a change in expected payment under a guaranteed residual value, in which cases
the lease liability is remeasured by discounting the revised lease payments using an unchanged discount rate;
\u25a0 A lease contract is modified and the lease modification is not accounted for as a separate lease, in which case the lease liability is remeasured
based on the lease term of the modified lease by discounting the revised lease payments using a revised discount rate at the effective date of
the modification.
The right-of-use asset comprise the initial measurement of the corresponding lease liability, lease payments made at or before the commencement date,
less any lease incentives received and any initial direct costs. They are subsequently measured at costs less accumulated depreciation and impairment
losses.
Whenever the group incurs an obligation for costs to dismantle and remove a leased asset, restore the site on which it is located or restore the
underlying asset to the condition required by the terms and conditions of the lease, a provision is recognized and measured under IAS 37. To the extent
that the costs relate to a right-of-use asset, the costs are included in the related right-of-use asset, unless those costs are incurred to produce
inventories.
Right-of-use assets are depreciated over the shorter period of lease term and useful life of the right-of-use asset. If a lease transfers ownership of the underlying asset or the cost of the right-of-use asset reflects that the group expects to exercise a purchase option, the related right-of-use asset is depreciated over the useful life of the underlying asset. The depreciation starts at the commencement date of the lease. The group applies IAS 36 to determine whether a right-of-use asset is impaired and accounts for any identified impairment loss as described in the \u2018Property, Plant and Equipment\u2019 policy. Subsequent costs The cost of replacing part of an item of property, plant and equipment is recognized in the carrying amount of the item if it is probable that the future economic benefits embodied within the part will flow to the Group, and its cost can be reliably measured. The carrying amount of the replaced part is derecognized. The costs of the day-to-day servicing of property, plant and equipment are recognized as an incurred charge in profit or loss. Depreciation Depreciation is charged to profit or loss on a straight-line basis over the estimated useful life of each component of property, plant and equipment. Land is not depreciated. Leased assets are depreciated using the straight-line method from the commencement date to the earlier of the end of the useful life or the end of the lease term. Depreciation methods, useful lives and residual values are reviewed annually. Recognition of transaction results Gains and losses on the disposal of property, plant and equipment are accounted for in other operating income/other expenses in the statement of comprehensive income. Intangible assets Goodwill Goodwill that arises upon acquisition of a subsidiary is included in intangible assets. For the measurement of goodwill at initial recognition, see note a. Goodwill is carried at cost less any accumulated impairment losses. Goodwill is allocated to cash-generating units and is not amortized but is tested annually for impairment (see note g). Negative goodwill arising on an acquisition is recognized directly in profit or loss. Research and development Research and development expenses comprise expenditure on research and development and expenses for customer-specific applications, prototypes and testing. Expenditure on research activities undertaken with the prospect of gaining new scientific or technical knowledge and understanding is recognized in profit or loss as incurred. Development activities involve a plan or design for the production of new or substantially improved products and processes. Development expenditure is capitalized only if the development costs can be measured reliably, the product or process is technically and commercially feasible, future economic benefits are probable, and the Group intends to and has sufficient resources to complete the development and to use or sell the asset. The expenditure capitalized includes the cost of materials, direct labour, overhead costs that are directly attributable to preparing the asset for its intended use, and capitalized borrowing costs. Other development expenditure is recognized in profit or loss when incurred. Capitalized development expenditure is measured at cost less accumulated amortization and accumulated impairment losses. Other intangible assets Other intangible assets that are acquired by the Group and have finite useful lives are stated at cost less accumulated amortization and accumulated impairment losses (see note g). Based on the purchase price allocation of acquisitions, intangible assets that are part of the other intangible assets and relate to, for example, valued customer relations, trade names and technologies are also recognized. Subsequent expenditure Subsequent expenditure on capitalized intangible assets is capitalized only if it increases the future economic benefits embodied in the specific asset to which it relates. All other expenditure is expensed when incurred. Amortization Amortization is recognized in profit or loss on a straight-line basis over the estimated useful lives of the intangible assets unless such lives are indefinite. Goodwill and other intangible assets with an indefinite useful life are systematically tested for impairment at each reporting date. Other intangible assets are amortized from the date they are available for use. Amortization methods, useful lives and residual values are reviewed at each reporting date and adjusted if appropriate. Financial instruments and other investments Financial instruments Non-derivative financial instruments Recognition and initial measurement Trade receivables are initially recognized when they are originated. All other financial assets and financial liabilities are initially recognized when the Group becomes a party to the contractual provisions of the instrument. A financial asset (unless it is a trade receivable without a significant financing component) or financial liability is initially measured at fair value plus, for an item not at Fair value through P&L (\u2018FVTPL\u2019), transaction costs that are directly attributable to its acquisition or issue. A trade receivable without a significant financing component is initially measured at the transaction price.
Classification and subsequent measurement
Financial assets are not reclassified subsequent to their initial recognition unless the Group changes its business model for managing financial assets,
in which case all affected financial assets are reclassified on the first day of the first reporting period following the change in the business model.
A financial asset is measured at amortized cost if it meets both of the following conditions and is not designated as at FVTPL:
\u25a0 it is held within a business model whose objective is to hold assets to collect contractual cash flows; and
\u25a0 its contractual terms give rise on specified dates to cash flows that are solely payments of principal and interest on the principal amount
outstanding.
A debt investment is measured at Fair value through OCI (\u2018FVOCI\u2019) if it meets both of the following conditions and is not designated as at FVTPL:
\u25a0 it is held within a business model whose objective is achieved by both collecting contractual cash flows and selling financial assets; and
\u25a0 its contractual terms give rise on specified dates to cash flows.
On initial recognition of an equity investment that is not held for trading, the Group may irrevocably elect to present subsequent changes in the
investment\u2019s fair value in OCI. This election is made on an investment-by-investment basis.
All financial assets not classified as measured at amortized cost as described above are measured at FVTPL. This includes all derivative financial assets.
On initial recognition, the Group may irrevocably designate a financial asset that otherwise meets the requirements to be measured at amortized cost or
at FVOCI as at FVTPL if doing so eliminates or significantly reduces an accounting mismatch that would otherwise arise.
The Group makes an assessment of the objective of the business model in which a financial asset is held at a portfolio level because this best reflects
the way the business is managed, and information is provided to management. Financial assets that are held for trading or are managed and whose
performance is evaluated on a fair value basis are measured at FVTPL.
Assessment whether contractual cash flows are solely payments of principal and interest
For the purposes of this assessment, \u2018principal\u2019 is defined as the fair value of the financial asset on initial recognition. \u2018Interest\u2019 is defined as
consideration for the time value of money and for the credit risk associated with the principal amount outstanding during a particular period
of time and for other basic lending risks and costs (e.g. liquidity risk and administrative costs), as well as a profit margin.
In assessing whether the contractual cash flows are solely payments of principal and interest, the Group considers the contractual terms of the
instrument. This includes assessing whether the financial asset contains a contractual term that could change the timing or amount of contractual
cash flows such that it would not meet this condition. In making this assessment, the Group considers:
\u25a0 contingent events that would change the amount or timing of cash flows;
\u25a0 terms that may adjust the contractual coupon rate, including variable-rate features;
\u25a0 prepayment and extension features; and
\u25a0 terms that limit the Group\u2019s claim to cash flows from specified assets (e.g. non-recourse features).
Financial liabilities Financial liabilities are classified as measured at amortized cost or FVTPL. A financial liability is classified as at FVTPL if it is classified as held-for-trading, it is a derivative or it is designated as such on initial recognition. Financial liabilities at FVTPL are measured at fair value and net gains and losses, including any interest expense, are recognized in profit or loss. Other financial liabilities are subsequently measured at amortized cost using the effective interest method. Interest expense and foreign exchange gains and losses are recognized in profit or loss. Any gain or loss on derecognition is also recognized in profit or loss. Derecognition The Group derecognizes a financial asset when the contractual rights to the cash flows from the financial asset expire, or it transfers the rights to receive the contractual cash flows in a transaction in which substantially all of the risks and rewards of ownership of the financial asset are transferred or in which the Group neither transfers nor retains substantially all of the risks and rewards of ownership and it does not retain control of the financial asset. The Group derecognizes a financial liability when its contractual obligations are discharged or cancelled, or expire. The Group also derecognizes a financial liability when its terms are modified, and the cash flows of the modified liability are substantially different, in which case a new financial liability based on the modified terms is recognized at fair value. On derecognition of a financial liability, the difference between the carrying amount extinguished and the consideration paid (including any non-cash assets transferred or liabilities assumed) is recognized in profit or loss . Offsetting Financial assets and financial liabilities are offset and the net amount presented in the statement of financial position when, and only when, the Group currently has a legally enforceable right to set off the amounts, it intends either to settle them on a net basis or to realize the asset and settle the liability simultaneously and the financial assets and financial liabilities are with the same party. Other investments Associates are those entities in which the Group has significant influence, but not control or joint control, over the financial and operating policies. Interests in associates and the joint venture are accounted for using the equity method. They are initially recognized at cost, which includes transaction costs. Subsequent to initial recognition, the consolidated financial statements include the Group\u2019s share of the profit or loss and OCI of equity- accounted investees, until the date on which significant influence or joint control ceases. Trade and other receivables Trade and other receivables represent the Group\u2019s right to an amount of consideration that is unconditional. Trade and other receivables are carried at amortized cost, less impairment losses (see note g). An exception is made for trade receivables of designated customers of a limited number of subsidiaries of the Group, which are sold to a factoring company, with limited recourse. These trade debtors are measured at fair value through profit and loss, until they are derecognized at the moment that the invoices are sold to the factoring company. Recognized interest-bearing loans and borrowings After initial recognition, interest-bearing loans and borrowings are carried at amortized cost with any difference between the initial carrying amount and the redemption amount, based on the effective interest method, taken to profit or loss over the respective terms of the loans . Trade and other payables Trade and other payables are carried at amortized cost. Cash and cash equivalents Cash and cash equivalents comprise cash and bank balances and other call deposits payable on demand. Bank overdrafts that are repayable on demand and form an integral part of the Group\u2019s cash management, are included as a component of cash and cash equivalents in the statement of cash flows. Cash and cash equivalents are measured at amortized cost. Other non-derivative financial instruments Other non-derivative financial instruments are measured at amortized cost using the effective interest method, less any impairment losses. Derivative financial instruments, including hedge accounting The Group holds derivative financial instruments to hedge its foreign currency and interest rate exposures. Embedded derivatives are separated from the host contract and accounted for separately if the host contract is not a financial asset and certain criteria are met. As at 31 December 2025, no embedded derivatives existed. Derivatives are initially measured at fair value, with attributable transaction costs recognized in the statement of comprehensive income when they are incurred. Subsequent to initial recognition, derivatives are carried at fair value. Any changes are taken to profit or loss. The Group designates certain derivatives as hedging instruments to hedge the variability in cash flows associated with highly probable forecast transactions arising from changes in foreign exchange rates and interest rates and certain derivatives and non-derivative financial liabilities as hedges of foreign exchange risk on a net investment in a foreign operation. At inception of designated hedging relationships, the Group documents the risk management objective and strategy for undertaking the hedge. The Group also documents the economic relationship between the hedged item and the hedging instrument, including whether the changes in cash flows of the hedged item and hedging instrument are expected to offset each other. Changes in the fair value of a derivative hedging instrument designated as a cash flow hedge are recognized in other comprehensive income and presented in the hedging reserve. The effective portion of changes in the fair value of the derivative that is recognized in OCI is limited to the cumulative change in fair value of the hedged item, determined on a present value basis, from inception of the hedge. Any ineffective portion of changes in the fair value of the derivative is recognized immediately in profit or loss. The Group designates only the change in fair value of the spot element of forward exchange contracts as the hedging instrument in cash flow hedging relationships. The change in fair value of the forward element of forward exchange contracts (\u2018forward points\u2019) is separately accounted for as a cost of hedging. When the hedged forecast transaction subsequently results in the recognition of a non-financial item such as inventory, the amount accumulated in the hedging reserve and the cost of hedging reserve is included directly in the initial cost of the non-financial item when it is recognized. For all other hedged forecast transactions, the amount accumulated in the hedging reserve and the cost of hedging reserve is reclassified to profit or loss in the same period or periods during which the hedged expected future cash flows affect profit or loss. If the hedge no longer meets the criteria for hedge accounting or the hedging instrument is sold, expires, is terminated or is exercised, then hedge accounting is discontinued prospectively. When hedge accounting for cash flow hedges is discontinued, the amount that has been accumulated in the hedging reserve remains in equity until, for a hedge of a transaction resulting in the recognition of a non-financial item, it is included in the non-financial item\u2019s cost on its initial recognition or, for other cash flow hedges, it is reclassified to profit or loss in the same period or periods as the hedged expected future cash flows affect profit or loss. If the hedged future cash flows are no longer expected to occur, then the amounts that have been accumulated in the hedging reserve and the cost of hedging reserve are immediately reclassified to profit or loss. Inventories Inventories are measured at the lower of cost and net realisable value. Net realisable value is the estimated selling price in the ordinary course of business, less the estimated costs of completion and the estimated costs to sell. The cost of inventories of the Group is based on the weighted average cost, and includes expenditure incurred in acquiring the inventories, production or conversion costs, and other costs incurred in bringing them to their current location and condition. The cost of inventories includes an appropriate share of overheads based on normal operating capacity. Impairment Financial assets The Group recognizes impairments for financial assets based on the \u2018expected credit loss\u2019 model. The Group measures loss allowances at an amount equal to the lifetime expected credit losses. Expected credit losses are a probability-weighted estimate of credit losses. Credit losses are measured as the present value of all cash shortfalls, being the difference between the cash flows due to the entity in accordance to the contract and the cash flows that the Group expects to receive. The Group makes use of the simplified method for trade receivables and contracts assets as set out in IFRS 9. The expected credit losses for significant financial assets are determined on an individual basis. The remaining financial assets are assessed collectively in groups of assets that have similar credit risk characteristics. All impairment losses are recognized in the consolidated statement of comprehensive income. An impairment loss is reversed if the reversal can be related objectively to an event occurring after the impairment loss was recognized. For financial assets measured at amortized cost, the reversal is recognized in profit or loss. Non-financial assets The carrying amounts of the Group\u2019s non-financial assets, other than inventories and deferred tax assets, are reviewed at each reporting date to determine whether there is any indication of impairment. If any such indication exists, then the asset\u2019s recoverable amount is estimated. For goodwill and intangible assets that have indefinite lives or that are not yet available for use, the recoverable amount is estimated at each reporting date. The recoverable amount of an asset or cash-generating unit is the greater of its value in use and its fair value less costs to sell. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset. For the purpose of impairment testing, assets are grouped together into the smallest group of assets that generates cash inflows from continuing use that are largely independent of the cash inflows of other assets or groups of assets (the \u2018cash- generating unit\u2019). For the purpose of impairment testing, the goodwill acquired in a business combination is allocated to cash-generating units that are expected to benefit from the synergies of the combination. An impairment loss is recognized if the carrying amount of an asset or its cash-generating unit exceeds its estimated recoverable amount. Impairment losses are recognized in profit or loss. Impairment losses recognized in respect of cash-generating units are first allocated to reduce the carrying amount of any goodwill allocated to the units and then to reduce the carrying amount of the other assets in the unit (group of units) on a pro rata basis. Reversal of impairment losses Impairment losses in respect of goodwill are not reversed. Impairment losses in respect of other assets are reversed if there has been a change in the estimates used to determine the recoverable amount. An impairment loss is reversed only to the extent that the asset\u2019s carrying amount does not exceed the carrying amount that would have been determined, net of depreciation or amortization, if no impairment loss had been recognized. Reversals of impairment losses are recognized in profit or loss . Calculation of recoverable amount The recoverable amount of the Group\u2019s receivables carried at amortized cost is calculated as the present value of estimated future cash flows, discounted at the original effective interest rate (i.e. the effective interest rate computed on initial recognition of these financial assets). Receivables with a short remaining term are not discounted . The recoverable amount of other assets is the greater of their net selling price and value in use In determining value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset. For an asset that does not generate largely independent cash inflows, the recoverable amount is determined for the cash-generating unit to which the asset belongs. Share capital Ordinary shares Ordinary shares are classified as equity. Incremental costs directly attributable to the issue of ordinary shares are recognized as a deduction from equity, net of any tax effect. Repurchase, disposal and reissue of share capital (treasury shares) When own shares recognized as equity are repurchased, the amount of the consideration paid, including directly attributable costs and net of any tax effects, is recognized as a deduction from equity. Repurchased shares are presented in the reserve for own shares as a deduction from total equity. If treasury shares are sold or reissued subsequently, the amount received is recognized as an increase in equity, and the resulting surplus or deficit on the transaction is transferred respectively to or from other reserves. Dividends The holders of ordinary shares are entitled to receive dividends as determined from time to time by the General Meeting of Shareholders. The Executive Board has the authority to decide, with the approval of the Supervisory Board, what portion of the profit will be allocated to the reserves. If applicable, the declared but unpaid dividends are recognized as a liability. Employee benefits Defined contribution plans A defined contribution plan is a post-employment benefit plan under which an entity pays fixed contributions into a separate entity and will have no legal or constructive obligation to pay further amounts. Obligations for contributions to defined contribution pension plans are recognized as an employee benefit expense in profit or loss when incurred. Prepaid contributions are recognized as an asset to the extent that a cash refund or reduction in future payments will occur. Defined benefit plans A defined benefit plan is a post-employment benefit plan other than a defined contribution plan. The Group\u2019s net obligation in respect of defined benefit plans is calculated separately for each plan by estimating the amount of future benefit that employees have earned in return for their service in the current and prior periods; that benefit is discounted to determine its present value. The fair value of any plan assets is deducted. The Group determines the net interest expense (income) on the net defined benefit liability (asset) for the period by applying the discount rate used to measure the defined benefit obligation at the beginning of the annual period to the net defined benefit liability (asset). The discount rate is the yield at the reporting date on Corporate bonds that have maturity dates approximating the terms of the Group\u2019s obligations and that are denominated in the same currency in which the benefits are expected to be paid.
The calculation is performed annually by a qualified actuary using the projected unit credit method. When the calculation results in a benefit to the
Group, the recognized asset is limited to the present value of economic benefits available in the form of any future refunds from the plan or reductions
in future contributions to the plan. In order to calculate the present value of economic benefits, consideration is given to any minimum funding
requirements that apply to any plan in the Group. An economic benefit is available to the Group if it is realisable during the life of the plan, or on
settlement of the plan liabilities.
Remeasurements arising from defined benefit plans comprise actuarial gains and losses, the return on plan assets (excluding interest) and the effect
of the asset ceiling (if any, excluding interest). The Group recognizes them immediately in other comprehensive income, and all other expenses related
to defined benefit plans as employee benefit expenses in profit or loss. When the benefits of a plan are changed, or when a plan is curtailed, the portion
of the changed benefit relating to past service by employees, or the gain or loss on curtailment, is recognized immediately in profit or loss when the plan
amendment or curtailment occurs. The Group recognizes gains and losses on the settlement of a defined benefit plan when the settlement occurs.
The gain or loss on a settlement is the difference between the present value of the defined benefit obligation being settled as determined on the
date of settlement and the settlement price, including any plan assets transferred and any payments made directly by the Group in connection with
the settlement.
Other long-term service benefits The Group\u2019s net obligation in respect of long-term service benefits other than pension plans is the amount of future benefit that employees have earned in return for their service in the current and prior periods. The obligation is calculated using the projected unit credit method, discounted to its present value and net of the fair value of any related assets. The discount rate is the yield at the financial position date on corporate bonds that have maturity dates approximating the terms of the Group\u2019s obligations. Any actuarial gains and losses are recognized in profit or loss in the period in which they arise. Share-based payment transactions As only equity settled share-based payments are applicable only the accounting policy for these transactions has been included. The fair value on the grant date of share-based payment awards made to employees and the Executive Board is recognized as an employee expense, with a corresponding increase in equity, over the period that the employees unconditionally become entitled to the awards. The amount recognized as an expense is adjusted to reflect the number of awards for which the related service and non-market vesting conditions are expected to be met, so that the amount ultimately recognized as an expense is based on the number of awards that meet the related service and non-market performance conditions at the vesting date. For share-based payment awards with non-vesting conditions, the fair value on the grant date of the share-based payment is measured to reflect such conditions, with no true-up for differences between expected and actual outcomes. Short-term employee benefits A liability is recognized for the amount expected to be paid if the Group has a present legal or constructive obligation to pay this amount as a result of past service provided by the employee and the obligation can be estimated reliably. Short-term employee benefits are expensed as the related service is provided. Termination benefits Termination benefits are expensed at the earlier of when the Group can no longer withdraw the offer of those benefits and when the Group recognized costs for a restructuring. If benefits are not expected to be settled wholly within 12 months of the reporting date, then they are discounted. Provisions A provision is recognized in the statement of financial position if the Group has a present legal or constructive obligation as a result of a past event, that can be estimated reliably and it is probable that settlement of the obligation will involve an outflow of funds. If the effect is material, provisions are determined by discounting the expected future cash flows at a pre-tax rate that reflects current market assessments of the time value of money and, where appropriate, the risks specific to the liability. The unwinding of the discount is recognized as finance cost. Restructuring provisions A provision for restructuring is recognized when the Group has approved a detailed and formal restructuring plan, and the restructuring either has commenced or has been announced publicly. Future operating losses are not provided for.
Assets classified as held for sale and discontinued operations
Assets classified as held for sale are measured at the lower of carrying amount and fair value less costs to sell.
Assets are classified as held for sale if their carrying amount will be recovered through a sale transaction rather than through continuing use.
This condition is regarded as met only when the sale is highly probable and the asset (or disposal group) is available for immediate sale in its present
condition. Management must be committed to the sale which should be expected to qualify for recognition as a completed sale within one year from
the date of classification.
Discontinued operations, which are described in note 8, are excluded from the results of continuing operations and are presented as a single amount
as profit or loss after tax from discontinued operations in the statement of profit or loss. Additional disclosures are provided in note 8. All other notes to
the Consolidated statement of profit and loss and other comprehensive income include amounts for continuing operations, unless indicated otherwise .
Revenue
Revenue from contracts with customers
Revenue from contracts with customers is recognized when control of the goods or services are transferred to the customer at an amount that reflects
the consideration (net of discounts, rebates, returns and excluding VAT) to which the Group expects to be entitled in exchange for those goods or
services. The Group has generally concluded that it is the principal in its revenue arrangements because it typically controls the goods or services before
transferring them to the customer.
Sale of goods
Revenue from sale of goods is recognized at the point in time when control of the asset is transferred to the customer, generally on delivery
of the goods. The normal credit term is 15 up to 90 days upon delivery.
The Group considers whether there are other promises in the contract that are separate performance obligations to which a portion of the
transaction price needs to be allocated (e.g. warranties). In determining the transaction price for the sale of equipment, the Group considers
the effects of variable consideration (e.g. early payment discount, volume rebates), the existence of significant financing components, noncash
consideration, and consideration payable to the customer (if any).
If the consideration in a contract includes a variable amount, the Group estimates the amount of consideration to which it will be entitled in exchange
for transferring the goods to the customer. The variable consideration is estimated at contract inception and constrained until it is highly probable
that a significant revenue reversal in the amount of cumulative revenue recognized will not occur when the associated uncertainty with the variable
consideration is subsequently resolved. Some contracts for the sale of goods provide customers with a right of return and or volume rebates and
or early payment discount. These conditions might give rise to variable consideration.
Certain contracts provide a customer the right to apply an early payment discount when the consideration to which the Group is entitled is transferred to the Group before the contractual agreed credit terms. Those rebates are offset against amounts payable by the customer. To estimate the variable consideration for the expected future early payment rebates, the Group applies the most likely amount method for contracts with a single-volume threshold and the expected value method for contracts with more than one volume threshold. The selected method that best predicts the amount of variable consideration is primarily driven by the payment behavior in the past and or any agreement with the customer when the consideration will be transferred. The related costs are recognized in profit or loss when they are incurred. Advances received are included in contract liabilities. Services Apart from sales of goods the Group provides limited services such as repairs and engineering/development services. Revenues from services are recognized in proportion to the services rendered, based on the cost incurred in respect of the services performed up to balance sheet date, in proportion to the estimated costs of the aggregate services to be performed. The cost price of these services is allocated to the same period. Contract assets The Group recognizes incremental costs of obtaining a contract and certain costs to fulfil a contract as an asset if the Group expects to recover those costs. Any capitalized contract costs assets will be amortized on a systematic basis that is consistent with the entity\u2019s transfer of the related goods or services to the customer. Contract liabilities A contract liability is the obligation to transfer goods or services to a customer for which the Group has received consideration (or an amount of consideration is due) from the customer. If a customer pays consideration before the Group transfers goods or services to the customer, a contract liability is recognized when the payment is made, or the payment is due (whichever is earlier). Contract liabilities are recognized as revenue when the Group performs under the contract
Expenses
Lease expenses \u2013 short-term leases and leases of low-value assets
The Group has elected not to recognize right-of-use assets and lease liabilities for short-term leases of machinery that have a lease terms of
12 months or less and lease of low-value assets. Individual lease assets with a new value of EUR 5,000 or less (or any other foreign currency equivalent)
are considered to be low value assets. The Group recognizes the lease payments associated with these leases as an expense on straight-line basis
over the lease term.
Net finance costs Finance income comprises interest income on funds invested, and financial assets held to maturity. Interest income is recognized in profit or loss as it accrues, using the effective interest method. Finance expense comprises interest expense on borrowings, commitment fees, accrued interest on provisions, interest on pension liabilities, impairment losses recognized on financial assets and losses on interest rate hedge instruments to the extent they are recognized in profit or loss. All borrowing costs are recognized in profit or loss using the effective interest method. Realized and unrealized foreign currency gains and losses on monetary assets and liabilities, including changes in fair value of currency hedge instruments that are not qualified as cash flow hedges, are reported on a net basis . Income tax Income tax for the year comprises current and deferred tax. Income tax is recognized in profit or loss unless it relates to items recognized directly in equity, in which case it is recognized in equity. The Group has determined that interest and penalties related to income taxes, including uncertain tax treatments, do not meet the definition of income taxes, and therefore accounted for them under IAS 37 Provisions, Contingent Liabilities and Contingent Assets. Current tax comprises the expected tax payable or receivable on the taxable income or loss for the year and any adjustment to the tax payable or receivable in respect of previous years. The amount of current tax payable or receivable is the best estimate of the tax amount expected to be paid or received that reflects uncertainty related to income taxes, if any. It is measured using tax rates enacted or substantively enacted at the reporting date. Current tax also includes any tax arising from dividends. Current tax assets and liabilities are offset when there is a legally enforceable right to offset current tax assets against current tax liabilities and when they relate to income taxes levied by the same taxation authority and the Group intends to settle its current tax assets and liabilities on a net basis.
Deferred tax is recognized using the balance sheet method, providing for temporary differences between the carrying amounts of assets and liabilities
for financial reporting purposes and the amounts used for taxation purposes. Deferred tax is not recognized for the following temporary differences:
\u25a0 a transaction that is not a business combination, at the time of the transaction, affects neither accounting nor taxable profit and, at the time of the
transaction, does not give rise to equal taxable and deductible temporary differences;
\u25a0 relating to investments in subsidiaries and jointly controlled entities to the extent that it is probable that they will not be reversed in the foreseeable
future;
\u25a0 arising on the initial recognition of goodwill.
Deferred tax is measured at the tax rates that are expected to be applied to temporary differences when they reverse, using tax rates enacted
or substantively enacted at the reporting date, and reflects uncertainty related to income taxes, if any.
Deferred tax assets and liabilities are offset if there is a legally enforceable right to offset current tax assets and liabilities, and they relate to income taxes
levied by the same tax authority on the same taxable entity; or on different tax entities, but the intention is to settle current tax liabilities and assets on
a net basis or their tax assets and liabilities will be realized simultaneously.
A deferred tax asset is recognized to the extent that it is probable that future taxable profits will be available against which the asset can be applied. Deferred tax assets are reduced if it is no longer probable that the related tax benefit will be realized. Additional income taxes that arise from the distribution of a dividend are recognized at the same time as the liability to pay the related dividend is recognized. Uncertain tax items for which a provision is made relate principally to the interpretation of tax legislation regarding arrangements entered into by the Group. Due to the uncertainty associated with such tax items, there is a possibility that, on conclusion of open tax matters at a future date, the final outcome may differ significantly. Earnings per share The Company presents basic and diluted earnings per share data for its ordinary shares. Basic earnings per share is calculated by dividing the profit or loss attributable to ordinary shareholders of the Company by the weighted average number of ordinary shares outstanding during the reporting period. Diluted earnings per share is determined by adjusting profit or loss attributable to ordinary shareholders and the weighted average number of ordinary shares outstanding, for the effects of all dilutive potential ordinary shares. Segment reporting The Group defines and presents operating segments based on the information that is provided internally to the Executive Board, the Group\u2019s chief operating decision-maker. This is in conformity with IFRS 8 \u2013 Operating segments. On the basis of the criteria of IFRS 8, Kendrion has three operating segments, the business groups Industrial Brakes and Industrial Actuators and Controls, and Mobility. An operating segment is a part of the Group engaging in business activities that may result in revenue and expenses, including the revenue and expenses relating to transactions with any of the Group\u2019s other segments. The Executive Board conducts regular reviews of the operating segment\u2019s results to reach decisions on the resources to be allocated to the segment and to assess its performance, whereby separate financial information for each operating segment is available. In accordance with IFRS 8, the Company also discloses general and entity-wide information, including information about geographical areas and major customers of the Group as a whole. More information on the reportable segments is provided in note 19. New standards and interpretations The following amendment to standards became effective, and have been endorsed by the European Union, for annual periods beginning on or after 1 January 2025 and therefore apply to the year ended 31 December 2025: \u25a0 Amendments to IAS 21 - Lack of exchangeability This amendment does not have a significant impact on the Group\u2019s consolidated financial statements. The following standards or interpretations published by the International Accounting Standards Board (IASB) and the International Financial Reporting Interpretations Committee (IFRIC) are not effective at 31 December 2025: \u25a0 IFRS 18 - Presentation and disclosure in financial statements; \u25a0 IFRS 19 - Subsidiaries without Public Accountability; \u25a0 Amendments to IFRS 9 and IFRS 7- Classification and Measurement of Financial Instruments; \u25a0 Amendments to IFRS 10 and IAS 28 - Sale or Contribution of Assets between an Investor and its Associate or Joint Venture. \u25a0 Amendments to IAS 21 - Translation to a Hyperinflationary Presentation Currency The new standards and amendments to standards that are not yet effective are expected to have no significant impact on the Group\u2019s consolidated financial statements, except for IFRS 18. This standard provides additional requirements for the classification of the income statement as well as additional disclosure requirements for management-defined performance measures. The classification of the income statement will be amended in 2027. The Company is currently in the process of assessing the impact. Fair values Measurement of fair value Several of the Group\u2019s accounting policies, as well as the information supplied by the Group, require the fair value of both financial and non-financial assets and liabilities to be determined. For valuation and information supplied, the fair value is measured using the methods below. Where applicable, more detailed information on the basis of the fair value measurement is disclosed in the specific notes on the asset or liability in question. The principal methods and assumptions used in estimating the fair value of financial instruments included in the summary are given below. Property, plant and equipment The fair value of property, plant and equipment recognized as a result of a business combination is based on market value in use. The market value of property is the estimated amount for which the property in question could be exchanged on the valuation date between a buyer and seller in an arm\u2019s length transaction, in which both parties have acted knowledgeably, prudently and without compulsion. The market value of other items of property, plant and equipment is based on the quoted market prices of comparable assets and goods. Intangible assets The fair value of patents and trademarks acquired as part of a business combination is measured on the basis of the discounted estimated royalties that have been avoided through ownership of the patent or trademark. The fair value of customer relationships acquired in a business combination is based on the excess earnings method over multiple periods, valuing the asset in question by deducting a real return on all other assets which in total create the related cash flows. The fair value of other intangible assets is based on the expected discounted value of the cash flows from the use and ultimate sale of these assets. Lease liabilities The fair value is estimated on the basis of the present value of future cash flows, discounted at the interest rate for lease contracts of a similar nature. The estimated fair value reflects movements in interest rates. Inventories The fair value of inventories acquired as part of a business combination is determined on the basis of the estimated selling price as part of normal business operations, less the estimated costs of completion and the selling costs, plus a reasonable profit margin that reflects the completion and sales effort. Trade and other receivables/trade and other payables The face value of receivables and liabilities falling due within one year is regarded as a reflection of their fair value. The fair value of all other receivables and liabilities is measured on the basis of present value. The discount factor is based on the risk-free interest rate of the same duration as the receivable and/or payable, plus a credit mark-up reflecting the credit worthiness of the Group. Interest-bearing loans The fair value is calculated on the basis of the present value of future repayments of principal and interest at the prevailing market rate of interest, supplemented by a credit mark-up reflecting the credit worthiness of the Group. Derivatives The fair value of derivatives is based on the present value of the contractual cash flows for the remaining term based on a risk-free interest rate. Non-derivative financial liabilities The fair value of non-derivative financial liabilities is determined from information supplied and is based on the present value of future repayments of principal and interest, discounted at a risk-free rate, and a margin based on the credit worthiness of the Group on the reporting date. Contingent consideration The fair value of contingent considerations arising in a business combination is calculated using the income approach based on the expected payment amounts and their associated probabilities. If appropriate, it is discounted to present value. Financial risk management The Group has exposure to the following risks from its use of financial instruments: \u25a0 credit risk; \u25a0 liquidity risk; \u25a0 market risk. This section provides general information about the Group\u2019s exposure to each of the above risks in the course of its normal business operations, the Group\u2019s objectives, policies and processes for measuring and managing risk, and the Group\u2019s management of capital. Further quantitative disclosures are included in the financial instrument section in these consolidated financial statements. The Executive Board bears the ultimate responsibility for the organization and control of the Group\u2019s risk management framework. The Group\u2019s risk policy is designed to identify and analyse the risks confronting the Group, implement appropriate risk limits and control measures, and monitor the risks and compliance with the limits. The risk management policy and systems are evaluated at regular intervals and, if necessary, adapted to accommodate changes in market conditions and the Group\u2019s operations. The Company\u2019s Supervisory Board supervises compliance with the Group\u2019s risk management policy and procedures. For a more detailed description of risk management and the position of financial risk management in the Group\u2019s framework, see the \u2018\u2018Risk Management\u2019\u2019 section on page 31.
Credit risk
Credit risk is the risk of financial loss to the Group in the event that a customer or counterparty to a financial instrument fails to meet its contractual
obligations. Credit risks arise primarily from accounts receivable, derivative transactions concluded with banks, and cash positions and deposits held
with banks. The Group continually monitors the credit risk within the Group. The Group does not normally require collateral for trade and other
receivables or financial assets.
The credit policy includes an assessment of the creditworthiness of every new major customer before offering payment and delivery terms.
This assessment includes external credit ratings or reports if they are available. The creditworthiness of major customers is actively monitored
on an ongoing basis.
The Group recognizes impairment provisions of an amount equal to the estimated losses on trade and other receivables and other investments.
The main component of this provision comprises specific provisions for losses on individual accounts of material significance.
Credit concentration risk
The geographical credit risk from the Group\u2019s direct customers is largely concentrated in Germany. However, as the Group\u2019s most important customers
in the various segments of the German market are multinational or global players, this reduces the Group\u2019s dependency on the German market.
More details on credit concentration risk can be found in note 15.
Investments and financial instruments
The Group currently does not invest in debt securities. Cash positions and exposure to the financial instruments of financial counterparties are
monitored actively. The Group\u2019s main financial counterparties are well-established banks with good creditworthiness. The cash in bank accounts
at other than the core-relationship banks is maintained at the minimum level required for the operations of the Group\u2019s companies.
Liquidity risk
The liquidity risk is the risk that the Group is unable to meet its financial obligations at the required time. Liquidity risk management is based on the
maintenance of sufficient liquidity in the form of unused (committed) credit facilities or cash to meet present and future financial obligations in normal
and adverse circumstances.
A summary of the credit lines available to the Group is disclosed in note 11 of these consolidated financial statements. The majority of the available
facilities are provided by a syndicate of lenders consisting of HSBC and ING Bank on an equal basis. The Group had approximately EUR 109 million
available in cash and undrawn facilities on the financial position date.
Market risk The market risk is the risk of the deterioration of the Group\u2019s income due to movements in market prices, such as those relating to exchange rates and interest rates. The management of market risk exposure is intended to keep the market risk position within acceptable limits.
Derivatives are used to manage specific market risks. These transactions are carried out within the treasury framework adopted by the Executive Board.
If necessary, the Group uses hedge accounting to manage volatility in the statement of comprehensive income.
Interest rate risk
Pursuant to the Group\u2019s policy more than 50% of the exposure to changes in interest rates on borrowings is maintained on a fixed rate basis, taking into
account any assets with exposure to changes in interest rates and expected short-term free cash flows. The policy is implemented by making use of
derivative financial instruments such as interest rate swaps and interest rate options.
The Group has currently outstanding interest swap contracts with a total underlying notional value of EUR 50 million in order to reduce interest rate risk
exposure to increasing market rates. EUR 25 million matures in 2026 and EUR 25 million in 2027.
Currency risk
The Group is exposed to exchange rate risks on sales, purchases, equity positions and loans expressed in currencies other than the euro. The Group
companies are primarily financed in their own currency. The majority of the revenues and costs of the Group companies are realized in the euro zone.
Sales outside the euro zone are partly generated locally and partly through exports from the euro zone. Most of these exports are realized in euros.
Other currencies are actively monitored and where needed exposure is hedged, however less structural exposure is identified.
The Group also actively hedges intercompany loans in foreign currencies with currency forwards, swaps or back-to-back loans in the same foreign
currency.
Pursuant to the Group\u2019s policy for other monetary assets and liabilities denominated in a foreign currency, net exposure is maintained at an acceptable
level by buying or selling foreign currencies at spot rates as required to correct short-term imbalances.
The Group\u2019s policy stipulates that, in principle, equity investments and other translation exposures are not hedged.
Other price risks
Steel, copper and rare earth metals used in permanent magnets are the most important commodities for the Group.
Copper constitutes the Group\u2019s main direct exposure to raw material price risks, since copper wire is an important component of electromagnets.
Pursuant to the Group\u2019s policy, the sensitivity to copper prices is actively reduced both by concluding fixed-price purchase contracts in the normal
course of business with copper wire suppliers and by including raw material clauses in sales contracts. As the need arises the Group can also conclude
derivative financial instrument contracts with financial counterparties to hedge the copper risk. No financial derivative contracts for raw materials were
outstanding at the balance sheet date.
The Group is also exposed to risks associated with rare earth metals such as neodymium, a component of permanent magnets, which are used in some of the Group\u2019s products. Prices of these commodities have shown significant volatility in the past. The Group closely monitors developments in this market and has increased stock levels and the number of supply sources for these permanent magnets. Furthermore, agreements have been made with customers representing the majority of the sales volume in this context, to link sales prices to movements in permanent magnet prices. The Group is mainly indirectly exposed to raw material price risks relating to oil and steel, primarily as part of the purchase prices of machined components. This exposure is monitored and, if feasible, reduced by means of raw material clauses with customers and by concluding fixed-price agreements with suppliers for periods of between six and twelve months. The Kendrion steel contracts also partly govern the purchasing from component suppliers. Raw materials are purchased separately by each business unit, but in accordance with the group policy reviewed periodically with the objective of further increasing and sharing knowledge on commodities and commodity markets between business units, reducing risks and/or prices. Capital management The Executive Board\u2019s policy is designed to maintain a strong capital gearing to retain the confidence of investors, creditors and the markets, and to safeguard the future development of the business activities. The Executive Board monitors the return on equity, which the Group defines as the net operating result divided by shareholders\u2019 equity, excluding minority interests. The Executive Board also monitors the level of dividend distributed to ordinary shareholders. The Executive Board seeks to strike a balance between a higher return that would be achievable with a higher level of borrowed capital and the benefits and security of sound capital gearing. Kendrion intends to distribute an annual dividend of at least 50% of normalized net profit before amortization, taking into consideration the amount of net profit to be retained to support the medium and long-term strategic plans of the company and to maintain a minimum solvency of 35%. Neither the Company nor its subsidiaries are subject to any externally imposed capital requirements beyond those stipulated by law. Government Grants Grants that compensate the Group for expenses incurred are recognized in profit or loss as deduction on the related expense on a systematic basis in the periods in which the expenses are recognized, unless the conditions for receiving the grant are met after the related expenses have been recognized. In this case, the grant is recognized when it becomes receivable.", "dimensions": { "concept": "ifrs-full:DisclosureOfMaterialAccountingPolicyInformationExplanatory", "language": "en", "entity": "scheme:724500IGR5FBK0RLZI29", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-402": { "value": "
Basis of consolidation
Business combinations
No business combination occurred in 2025.
Business combinations are accounted for using the acquisition method at the acquisition date, which is the date on which control is transferred
to the Group. Control refers to the authority to govern the financial and operating policies of an entity to obtain benefits from its activities.
When assessing control, the Group takes into consideration potential voting rights that are currently exercisable.
The Group measures goodwill at the acquisition date as: \u25a0 the fair value of the consideration transferred; plus \u25a0 the recognized amount of any non-controlling interests in the acquiree; plus \u25a0 if the business combination is realized in stages, the fair value of the pre-existing equity interest in the acquiree; less \u25a0 the net recognized amount (generally fair value) of the identifiable assets acquired and liabilities assumed. If the excess is negative, a bargain purchase gain is recognized immediately in comprehensive income (hereafter also referred to as \u2018profit or loss\u2019). The consideration transferred does not include amounts relating to the settlement of pre-existing relationships. Such amounts are generally recognized in profit or loss. Transactions costs, other than those associated with the issue of debt or equity securities that the Group incurs in connection with a business combination are expensed as incurred. Any contingent consideration payable is measured at fair value at the acquisition date. If the contingent consideration is classified as equity, then it is not remeasured and settlement is accounted for within equity. Otherwise, subsequent changes in the fair value of the contingent consideration are recognized in profit or loss. When share-based payment awards (replacement awards) are required to be exchanged for awards held by the acquirees employees (acquirees awards) and relate to past services, then all or part of the amount of the acquirer\u2019s replacement awards is included when measuring the consideration transferred in the business combination. This determination is based on the market-based value of the replacement awards as compared to the market- based value of the acquirees awards and the extent to which the replacement awards relate to past and/or future service . Subsidiaries Subsidiaries are entities controlled by the Company. The Company controls an entity if it is exposed to, or has rights to, variable returns from its involvement with the entity and has the ability to affect those returns through its power over the entity. The financial statements of subsidiaries are included in the consolidated financial statements from the date that control commences, until the date that control ceases. The shares of third parties in shareholders\u2019 equity and results are stated separately. The accounting policies of subsidiaries are changed, where necessary, to align them with the policies adopted by the Company. Transactions eliminated on consolidation Intragroup balances and transactions, as well as any unrealized gains and losses or income and expenses arising from intragroup transactions, are eliminated when preparing the consolidated financial statements ", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfConsolidationExplanatory", "language": "en", "entity": "scheme:724500IGR5FBK0RLZI29", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-403": { "value": "Business combinations No business combination occurred in 2025. Business combinations are accounted for using the acquisition method at the acquisition date, which is the date on which control is transferred to the Group. Control refers to the authority to govern the financial and operating policies of an entity to obtain benefits from its activities. When assessing control, the Group takes into consideration potential voting rights that are currently exercisable. The Group measures goodwill at the acquisition date as: \u25a0 the fair value of the consideration transferred; plus \u25a0 the recognized amount of any non-controlling interests in the acquiree; plus \u25a0 if the business combination is realized in stages, the fair value of the pre-existing equity interest in the acquiree; less \u25a0 the net recognized amount (generally fair value) of the identifiable assets acquired and liabilities assumed. If the excess is negative, a bargain purchase gain is recognized immediately in comprehensive income (hereafter also referred to as \u2018profit or loss\u2019). The consideration transferred does not include amounts relating to the settlement of pre-existing relationships. Such amounts are generally recognized in profit or loss. Transactions costs, other than those associated with the issue of debt or equity securities that the Group incurs in connection with a business combination are expensed as incurred. Any contingent consideration payable is measured at fair value at the acquisition date. If the contingent consideration is classified as equity, then it is not remeasured and settlement is accounted for within equity. Otherwise, subsequent changes in the fair value of the contingent consideration are recognized in profit or loss. When share-based payment awards (replacement awards) are required to be exchanged for awards held by the acquirees employees (acquirees awards) and relate to past services, then all or part of the amount of the acquirer\u2019s replacement awards is included when measuring the consideration transferred in the business combination. This determination is based on the market-based value of the replacement awards as compared to the market- based value of the acquirees awards and the extent to which the replacement awards relate to past and/or future service ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBusinessCombinationsExplanatory", "language": "en", "entity": "scheme:724500IGR5FBK0RLZI29", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-404": { "value": "Business combinations No business combination occurred in 2025. Business combinations are accounted for using the acquisition method at the acquisition date, which is the date on which control is transferred to the Group. Control refers to the authority to govern the financial and operating policies of an entity to obtain benefits from its activities. When assessing control, the Group takes into consideration potential voting rights that are currently exercisable. The Group measures goodwill at the acquisition date as: \u25a0 the fair value of the consideration transferred; plus \u25a0 the recognized amount of any non-controlling interests in the acquiree; plus \u25a0 if the business combination is realized in stages, the fair value of the pre-existing equity interest in the acquiree; less \u25a0 the net recognized amount (generally fair value) of the identifiable assets acquired and liabilities assumed. If the excess is negative, a bargain purchase gain is recognized immediately in comprehensive income (hereafter also referred to as \u2018profit or loss\u2019). The consideration transferred does not include amounts relating to the settlement of pre-existing relationships. Such amounts are generally recognized in profit or loss. Transactions costs, other than those associated with the issue of debt or equity securities that the Group incurs in connection with a business combination are expensed as incurred. Any contingent consideration payable is measured at fair value at the acquisition date. If the contingent consideration is classified as equity, then it is not remeasured and settlement is accounted for within equity. Otherwise, subsequent changes in the fair value of the contingent consideration are recognized in profit or loss. When share-based payment awards (replacement awards) are required to be exchanged for awards held by the acquirees employees (acquirees awards) and relate to past services, then all or part of the amount of the acquirer\u2019s replacement awards is included when measuring the consideration transferred in the business combination. This determination is based on the market-based value of the replacement awards as compared to the market- based value of the acquirees awards and the extent to which the replacement awards relate to past and/or future service . ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBusinessCombinationsAndGoodwillExplanatory", "language": "en", "entity": "scheme:724500IGR5FBK0RLZI29", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-405": { "value": "
Subsidiaries
Subsidiaries are entities controlled by the Company. The Company controls an entity if it is exposed to, or has rights to, variable returns from
its involvement with the entity and has the ability to affect those returns through its power over the entity. The financial statements of subsidiaries are
included in the consolidated financial statements from the date that control commences, until the date that control ceases. The shares of third parties
in shareholders\u2019 equity and results are stated separately. The accounting policies of subsidiaries are changed, where necessary, to align them with the
policies adopted by the Company.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSubsidiariesExplanatory", "language": "en", "entity": "scheme:724500IGR5FBK0RLZI29", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-406": { "value": "Foreign currency Foreign currency transactions Transactions expressed in non-euro zone currencies are translated into euros at exchange rates at the date of the transaction. Monetary assets and liabilities denominated in non-euro zone currencies at the reporting date are translated into euros at the exchange rate at that date. Non-monetary assets and liabilities denominated in non-euro zone currencies that are measured at historical cost are translated at the exchange rate at the date of the transaction. Non-monetary assets and liabilities denominated in non-euro zone currencies that are measured at fair value are translated in euros at the exchange rates when the fair value was determined. Currency differences on foreign currency transactions are recognized in profit or loss, except loans considered to be part of the net investment, or qualifying cash flow hedges to the extent the hedges are effective. Translation of foreign currency financial statements Translation of foreign currency financial statements depends on the functional currency of the company concerned. The closing rate method is applied if the functional currency of the company is other than the euro. With this method, assets and liabilities of non-euro zone operations, including goodwill and fair value adjustments arising at the time of acquisition, are translated into euros at exchange rates at the reporting date. The income and expenses of non-euro zone operations are translated into euros at rates approximating the exchange rates at the date of the transaction. Foreign currency translation differences are recognized in other comprehensive income and accumulated in the translation reserve, which is a component of equity. On the partial or complete sale of a foreign operation, the related amount is transferred from the translation reserve to profit or loss. Foreign exchange gains and losses arising from a monetary item receivable from or payable to a non-euro zone operation, of which the settlement is neither planned nor likely in the foreseeable future, are considered to form part of a net investment in a non-euro zone operation and are recognized directly in equity, in the translation reserve. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory", "language": "en", "entity": "scheme:724500IGR5FBK0RLZI29", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-407": { "value": "Foreign currency transactions Transactions expressed in non-euro zone currencies are translated into euros at exchange rates at the date of the transaction. Monetary assets and liabilities denominated in non-euro zone currencies at the reporting date are translated into euros at the exchange rate at that date. Non-monetary assets and liabilities denominated in non-euro zone currencies that are measured at historical cost are translated at the exchange rate at the date of the transaction. Non-monetary assets and liabilities denominated in non-euro zone currencies that are measured at fair value are translated in euros at the exchange rates when the fair value was determined. Currency differences on foreign currency transactions are recognized in profit or loss, except loans considered to be part of the net investment, or qualifying cash flow hedges to the extent the hedges are effective. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFunctionalCurrencyExplanatory", "language": "en", "entity": "scheme:724500IGR5FBK0RLZI29", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-408": { "value": "
Property, plant and equipment
Owned assets
Items of property, plant and equipment are measured at cost or assumed cost less accumulated depreciation and accumulated impairment losses
(see accounting policy g). The cost includes expenditure that is directly attributable to the acquisition of the asset. The cost of self-constructed assets
includes the cost of materials, direct labour, the initial estimate, where relevant, of the costs of dismantling and removing the items and reinstating
the site on which they are located, a reasonable proportion of production overheads, and capitalized borrowing costs.
Where parts of an item of property, plant and equipment have different useful lives, they are accounted for as separate items of property, plant
and equipment.
Lease
The Group assesses whether a contract is, or contains, a lease, at inception of the contract. The group recognizes a right-of-use asset and a
corresponding lease liability with respect to all lease arrangements in which it is the lessee, except for short-term leases (defined as leases with a lease
term of 12 months or less) and leases of low value assets (such as tablets and personal computers, small items of office furniture and telephones.
For these leases, the group recognizes the lease payments as an operating expense on a straight-line basis over the term of the lease unless another systematic basis is more representative of the time pattern in which economic benefits from the leased assets are consumed. The lease liability is initially measured at the present value of the lease payments that are not paid at the commencement date, discounted using the interest rate implicit in the lease or, if that rate cannot be readily determined, the Group\u2019s incremental borrowing rate. Generally, the Group uses its incremental borrowing rate as the discount rate. The Group determines its incremental borrowing rate by obtaining interest rates from various external financing sources and makes certain adjustments to reflect the terms of the lease and type of the asset leased. Lease liability included in the measurement of the lease liability comprise: \u25a0 Fixed lease payments (include in-substance fixed payments), less any lease incentive receivable; \u25a0 Amounts expected to be payable under a residual value guarantee; \u25a0 Exercise price under a purchase option that the Group is reasonably certain to exercise, lease payments in an optional renewal period if the Group is reasonably certain to exercise an extension option; \u25a0 Payments of penalties for terminating the lease, if the lease term reflects the exercise of an option to terminate the lease. The lease liability is subsequently measured by increasing the carrying amount to reflect interest on the lease liability (using the effective interest method) and by reducing the carrying amount to reflect the lease payments made. The Group remeasures the lease liability (and makes a corresponding adjustment to the related right-of-use asset) whenever: \u25a0 The lease term has changed or there is a significant event or change in circumstances resulting in a change in the assessment of exercise of a purchase option, in which cases the lease liability is remeasured by discounting the revised lease payment using a revised discount rate; \u25a0 The lease payments change due to changes in an index or rate or a change in expected payment under a guaranteed residual value, in which cases the lease liability is remeasured by discounting the revised lease payments using an unchanged discount rate; \u25a0 A lease contract is modified and the lease modification is not accounted for as a separate lease, in which case the lease liability is remeasured based on the lease term of the modified lease by discounting the revised lease payments using a revised discount rate at the effective date of the modification. The right-of-use asset comprise the initial measurement of the corresponding lease liability, lease payments made at or before the commencement date, less any lease incentives received and any initial direct costs. They are subsequently measured at costs less accumulated depreciation and impairment losses. Whenever the group incurs an obligation for costs to dismantle and remove a leased asset, restore the site on which it is located or restore the underlying asset to the condition required by the terms and conditions of the lease, a provision is recognized and measured under IAS 37. To the extent that the costs relate to a right-of-use asset, the costs are included in the related right-of-use asset, unless those costs are incurred to produce inventories. Right-of-use assets are depreciated over the shorter period of lease term and useful life of the right-of-use asset. If a lease transfers ownership of the underlying asset or the cost of the right-of-use asset reflects that the group expects to exercise a purchase option, the related right-of-use asset is depreciated over the useful life of the underlying asset. The depreciation starts at the commencement date of the lease. The group applies IAS 36 to determine whether a right-of-use asset is impaired and accounts for any identified impairment loss as described in the \u2018Property, Plant and Equipment\u2019 policy. Subsequent costs The cost of replacing part of an item of property, plant and equipment is recognized in the carrying amount of the item if it is probable that the future economic benefits embodied within the part will flow to the Group, and its cost can be reliably measured. The carrying amount of the replaced part is derecognized. The costs of the day-to-day servicing of property, plant and equipment are recognized as an incurred charge in profit or loss. Depreciation Depreciation is charged to profit or loss on a straight-line basis over the estimated useful life of each component of property, plant and equipment. Land is not depreciated. Leased assets are depreciated using the straight-line method from the commencement date to the earlier of the end of the useful life or the end of the lease term. Depreciation methods, useful lives and residual values are reviewed annually. Recognition of transaction results Gains and losses on the disposal of property, plant and equipment are accounted for in other operating income/other expenses in the statement of comprehensive income.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:724500IGR5FBK0RLZI29", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-409": { "value": "Lease The Group assesses whether a contract is, or contains, a lease, at inception of the contract. The group recognizes a right-of-use asset and a corresponding lease liability with respect to all lease arrangements in which it is the lessee, except for short-term leases (defined as leases with a lease term of 12 months or less) and leases of low value assets (such as tablets and personal computers, small items of office furniture and telephones. For these leases, the group recognizes the lease payments as an operating expense on a straight-line basis over the term of the lease unless another systematic basis is more representative of the time pattern in which economic benefits from the leased assets are consumed. The lease liability is initially measured at the present value of the lease payments that are not paid at the commencement date, discounted using the interest rate implicit in the lease or, if that rate cannot be readily determined, the Group\u2019s incremental borrowing rate. Generally, the Group uses its incremental borrowing rate as the discount rate. The Group determines its incremental borrowing rate by obtaining interest rates from various external financing sources and makes certain adjustments to reflect the terms of the lease and type of the asset leased. Lease liability included in the measurement of the lease liability comprise: \u25a0 Fixed lease payments (include in-substance fixed payments), less any lease incentive receivable; \u25a0 Amounts expected to be payable under a residual value guarantee; \u25a0 Exercise price under a purchase option that the Group is reasonably certain to exercise, lease payments in an optional renewal period if the Group is reasonably certain to exercise an extension option; \u25a0 Payments of penalties for terminating the lease, if the lease term reflects the exercise of an option to terminate the lease. The lease liability is subsequently measured by increasing the carrying amount to reflect interest on the lease liability (using the effective interest method) and by reducing the carrying amount to reflect the lease payments made. The Group remeasures the lease liability (and makes a corresponding adjustment to the related right-of-use asset) whenever: \u25a0 The lease term has changed or there is a significant event or change in circumstances resulting in a change in the assessment of exercise of a purchase option, in which cases the lease liability is remeasured by discounting the revised lease payment using a revised discount rate; \u25a0 The lease payments change due to changes in an index or rate or a change in expected payment under a guaranteed residual value, in which cases the lease liability is remeasured by discounting the revised lease payments using an unchanged discount rate; \u25a0 A lease contract is modified and the lease modification is not accounted for as a separate lease, in which case the lease liability is remeasured based on the lease term of the modified lease by discounting the revised lease payments using a revised discount rate at the effective date of the modification. The right-of-use asset comprise the initial measurement of the corresponding lease liability, lease payments made at or before the commencement date, less any lease incentives received and any initial direct costs. They are subsequently measured at costs less accumulated depreciation and impairment losses. Whenever the group incurs an obligation for costs to dismantle and remove a leased asset, restore the site on which it is located or restore the underlying asset to the condition required by the terms and conditions of the lease, a provision is recognized and measured under IAS 37. To the extent that the costs relate to a right-of-use asset, the costs are included in the related right-of-use asset, unless those costs are incurred to produce inventories. Right-of-use assets are depreciated over the shorter period of lease term and useful life of the right-of-use asset. If a lease transfers ownership of the underlying asset or the cost of the right-of-use asset reflects that the group expects to exercise a purchase option, the related right-of-use asset is depreciated over the useful life of the underlying asset. The depreciation starts at the commencement date of the lease. The group applies IAS 36 to determine whether a right-of-use asset is impaired and accounts for any identified impairment loss as described in the \u2018Property, Plant and Equipment\u2019 policy. Leased assets are depreciated using the straight-line method from the commencement date to the earlier of the end of the useful life or the end of the lease term. Lease expenses \u2013 short-term leases and leases of low-value assets The Group has elected not to recognize right-of-use assets and lease liabilities for short-term leases of machinery that have a lease terms of 12 months or less and lease of low-value assets. Individual lease assets with a new value of EUR 5,000 or less (or any other foreign currency equivalent) are considered to be low value assets. The Group recognizes the lease payments associated with these leases as an expense on straight-line basis over the lease term. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForLeasesExplanatory", "language": "en", "entity": "scheme:724500IGR5FBK0RLZI29", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-410": { "value": "Whenever the group incurs an obligation for costs to dismantle and remove a leased asset, restore the site on which it is located or restore the underlying asset to the condition required by the terms and conditions of the lease, a provision is recognized and measured under IAS 37. To the extent that the costs relate to a right-of-use asset, the costs are included in the related right-of-use asset, unless those costs are incurred to produce inventories. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDecommissioningRestorationAndRehabilitationProvisionsExplanatory", "language": "en", "entity": "scheme:724500IGR5FBK0RLZI29", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-411": { "value": "
Depreciation
Depreciation is charged to profit or loss on a straight-line basis over the estimated useful life of each component of property, plant and equipment.
Land is not depreciated.
Leased assets are depreciated using the straight-line method from the commencement date to the earlier of the end of the useful life or the end
of the lease term.
Depreciation methods, useful lives and residual values are reviewed annually.
Research and development Research and development expenses comprise expenditure on research and development and expenses for customer-specific applications, prototypes and testing. Expenditure on research activities undertaken with the prospect of gaining new scientific or technical knowledge and understanding is recognized in profit or loss as incurred. Development activities involve a plan or design for the production of new or substantially improved products and processes. Development expenditure is capitalized only if the development costs can be measured reliably, the product or process is technically and commercially feasible, future economic benefits are probable, and the Group intends to and has sufficient resources to complete the development and to use or sell the asset. The expenditure capitalized includes the cost of materials, direct labour, overhead costs that are directly attributable to preparing the asset for its intended use, and capitalized borrowing costs. Other development expenditure is recognized in profit or loss when incurred. Capitalized development expenditure is measured at cost less accumulated amortization and accumulated impairment losses. Expenses Lease expenses \u2013 short-term leases and leases of low-value assets The Group has elected not to recognize right-of-use assets and lease liabilities for short-term leases of machinery that have a lease terms of 12 months or less and lease of low-value assets. Individual lease assets with a new value of EUR 5,000 or less (or any other foreign currency equivalent) are considered to be low value assets. The Group recognizes the lease payments associated with these leases as an expense on straight-line basis over the lease term. (m) (i)", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForExpensesExplanatory", "language": "en", "entity": "scheme:724500IGR5FBK0RLZI29", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-412": { "value": "Depreciation Depreciation is charged to profit or loss on a straight-line basis over the estimated useful life of each component of property, plant and equipment. Land is not depreciated. Leased assets are depreciated using the straight-line method from the commencement date to the earlier of the end of the useful life or the end of the lease term. Depreciation methods, useful lives and residual values are reviewed annually.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDepreciationExpenseExplanatory", "language": "en", "entity": "scheme:724500IGR5FBK0RLZI29", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-413": { "value": "Intangible assets Goodwill Goodwill that arises upon acquisition of a subsidiary is included in intangible assets. For the measurement of goodwill at initial recognition, see note a. Goodwill is carried at cost less any accumulated impairment losses. Goodwill is allocated to cash-generating units and is not amortized but is tested annually for impairment (see note g). Negative goodwill arising on an acquisition is recognized directly in profit or loss. Research and development Research and development expenses comprise expenditure on research and development and expenses for customer-specific applications, prototypes and testing. Expenditure on research activities undertaken with the prospect of gaining new scientific or technical knowledge and understanding is recognized in profit or loss as incurred. Development activities involve a plan or design for the production of new or substantially improved products and processes. Development expenditure is capitalized only if the development costs can be measured reliably, the product or process is technically and commercially feasible, future economic benefits are probable, and the Group intends to and has sufficient resources to complete the development and to use or sell the asset. The expenditure capitalized includes the cost of materials, direct labour, overhead costs that are directly attributable to preparing the asset for its intended use, and capitalized borrowing costs. Other development expenditure is recognized in profit or loss when incurred. Capitalized development expenditure is measured at cost less accumulated amortization and accumulated impairment losses. Other intangible assets Other intangible assets that are acquired by the Group and have finite useful lives are stated at cost less accumulated amortization and accumulated impairment losses (see note g). Based on the purchase price allocation of acquisitions, intangible assets that are part of the other intangible assets and relate to, for example, valued customer relations, trade names and technologies are also recognized. Subsequent expenditure Subsequent expenditure on capitalized intangible assets is capitalized only if it increases the future economic benefits embodied in the specific asset to which it relates. All other expenditure is expensed when incurred. Amortization Amortization is recognized in profit or loss on a straight-line basis over the estimated useful lives of the intangible assets unless such lives are indefinite. Goodwill and other intangible assets with an indefinite useful life are systematically tested for impairment at each reporting date. Other intangible assets are amortized from the date they are available for use. Amortization methods, useful lives and residual values are reviewed at each reporting date and adjusted if appropriate. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsAndGoodwillExplanatory", "language": "en", "entity": "scheme:724500IGR5FBK0RLZI29", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-414": { "value": "
Goodwill
Goodwill that arises upon acquisition of a subsidiary is included in intangible assets. For the measurement of goodwill at initial recognition, see note a.
Goodwill is carried at cost less any accumulated impairment losses. Goodwill is allocated to cash-generating units and is not amortized but is tested
annually for impairment (see note g).
Negative goodwill arising on an acquisition is recognized directly in profit or loss.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForGoodwillExplanatory", "language": "en", "entity": "scheme:724500IGR5FBK0RLZI29", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-415": { "value": "Research and development Research and development expenses comprise expenditure on research and development and expenses for customer-specific applications, prototypes and testing. Expenditure on research activities undertaken with the prospect of gaining new scientific or technical knowledge and understanding is recognized in profit or loss as incurred. Development activities involve a plan or design for the production of new or substantially improved products and processes. Development expenditure is capitalized only if the development costs can be measured reliably, the product or process is technically and commercially feasible, future economic benefits are probable, and the Group intends to and has sufficient resources to complete the development and to use or sell the asset. The expenditure capitalized includes the cost of materials, direct labour, overhead costs that are directly attributable to preparing the asset for its intended use, and capitalized borrowing costs. Other development expenditure is recognized in profit or loss when incurred. Capitalized development expenditure is measured at cost less accumulated amortization and accumulated impairment losses. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForResearchAndDevelopmentExpenseExplanatory", "language": "en", "entity": "scheme:724500IGR5FBK0RLZI29", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-416": { "value": "
Other intangible assets
Other intangible assets that are acquired by the Group and have finite useful lives are stated at cost less accumulated amortization and accumulated
impairment losses (see note g). Based on the purchase price allocation of acquisitions, intangible assets that are part of the other intangible assets
and relate to, for example, valued customer relations, trade names and technologies are also recognized.
Subsequent expenditure
Subsequent expenditure on capitalized intangible assets is capitalized only if it increases the future economic benefits embodied in the specific
asset to which it relates. All other expenditure is expensed when incurred.
Amortization
Amortization is recognized in profit or loss on a straight-line basis over the estimated useful lives of the intangible assets unless such lives are indefinite.
Goodwill and other intangible assets with an indefinite useful life are systematically tested for impairment at each reporting date. Other intangible assets
are amortized from the date they are available for use. Amortization methods, useful lives and residual values are reviewed at each reporting date and
adjusted if appropriate.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsOtherThanGoodwillExplanatory", "language": "en", "entity": "scheme:724500IGR5FBK0RLZI29", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-417": { "value": "
Financial instruments and other investments
Financial instruments
Non-derivative financial instruments
Recognition and initial measurement
Trade receivables are initially recognized when they are originated. All other financial assets and financial liabilities are initially recognized when the Group
becomes a party to the contractual provisions of the instrument. A financial asset (unless it is a trade receivable without a significant financing
component) or financial liability is initially measured at fair value plus, for an item not at Fair value through P&L (\u2018FVTPL\u2019), transaction costs that are
directly attributable to its acquisition or issue. A trade receivable without a significant financing component is initially measured at the transaction price.
Classification and subsequent measurement Financial assets are not reclassified subsequent to their initial recognition unless the Group changes its business model for managing financial assets, in which case all affected financial assets are reclassified on the first day of the first reporting period following the change in the business model. A financial asset is measured at amortized cost if it meets both of the following conditions and is not designated as at FVTPL: \u25a0 it is held within a business model whose objective is to hold assets to collect contractual cash flows; and \u25a0 its contractual terms give rise on specified dates to cash flows that are solely payments of principal and interest on the principal amount outstanding. A debt investment is measured at Fair value through OCI (\u2018FVOCI\u2019) if it meets both of the following conditions and is not designated as at FVTPL: \u25a0 it is held within a business model whose objective is achieved by both collecting contractual cash flows and selling financial assets; and \u25a0 its contractual terms give rise on specified dates to cash flows. On initial recognition of an equity investment that is not held for trading, the Group may irrevocably elect to present subsequent changes in the investment\u2019s fair value in OCI. This election is made on an investment-by-investment basis. All financial assets not classified as measured at amortized cost as described above are measured at FVTPL. This includes all derivative financial assets. On initial recognition, the Group may irrevocably designate a financial asset that otherwise meets the requirements to be measured at amortized cost or at FVOCI as at FVTPL if doing so eliminates or significantly reduces an accounting mismatch that would otherwise arise. The Group makes an assessment of the objective of the business model in which a financial asset is held at a portfolio level because this best reflects the way the business is managed, and information is provided to management. Financial assets that are held for trading or are managed and whose performance is evaluated on a fair value basis are measured at FVTPL. Assessment whether contractual cash flows are solely payments of principal and interest For the purposes of this assessment, \u2018principal\u2019 is defined as the fair value of the financial asset on initial recognition. \u2018Interest\u2019 is defined as consideration for the time value of money and for the credit risk associated with the principal amount outstanding during a particular period of time and for other basic lending risks and costs (e.g. liquidity risk and administrative costs), as well as a profit margin. In assessing whether the contractual cash flows are solely payments of principal and interest, the Group considers the contractual terms of the instrument. This includes assessing whether the financial asset contains a contractual term that could change the timing or amount of contractual cash flows such that it would not meet this condition. In making this assessment, the Group considers: \u25a0 contingent events that would change the amount or timing of cash flows; \u25a0 terms that may adjust the contractual coupon rate, including variable-rate features; \u25a0 prepayment and extension features; and \u25a0 terms that limit the Group\u2019s claim to cash flows from specified assets (e.g. non-recourse features). Financial liabilities Financial liabilities are classified as measured at amortized cost or FVTPL. A financial liability is classified as at FVTPL if it is classified as held-for-trading, it is a derivative or it is designated as such on initial recognition. Financial liabilities at FVTPL are measured at fair value and net gains and losses, including any interest expense, are recognized in profit or loss. Other financial liabilities are subsequently measured at amortized cost using the effective interest method. Interest expense and foreign exchange gains and losses are recognized in profit or loss. Any gain or loss on derecognition is also recognized in profit or loss. Derecognition The Group derecognizes a financial asset when the contractual rights to the cash flows from the financial asset expire, or it transfers the rights to receive the contractual cash flows in a transaction in which substantially all of the risks and rewards of ownership of the financial asset are transferred or in which the Group neither transfers nor retains substantially all of the risks and rewards of ownership and it does not retain control of the financial asset. The Group derecognizes a financial liability when its contractual obligations are discharged or cancelled, or expire. The Group also derecognizes a financial liability when its terms are modified, and the cash flows of the modified liability are substantially different, in which case a new financial liability based on the modified terms is recognized at fair value. On derecognition of a financial liability, the difference between the carrying amount extinguished and the consideration paid (including any non-cash assets transferred or liabilities assumed) is recognized in profit or loss . Offsetting Financial assets and financial liabilities are offset and the net amount presented in the statement of financial position when, and only when, the Group currently has a legally enforceable right to set off the amounts, it intends either to settle them on a net basis or to realize the asset and settle the liability simultaneously and the financial assets and financial liabilities are with the same party. Other investments Associates are those entities in which the Group has significant influence, but not control or joint control, over the financial and operating policies. Interests in associates and the joint venture are accounted for using the equity method. They are initially recognized at cost, which includes transaction costs. Subsequent to initial recognition, the consolidated financial statements include the Group\u2019s share of the profit or loss and OCI of equity- accounted investees, until the date on which significant influence or joint control ceases. Trade and other receivables Trade and other receivables represent the Group\u2019s right to an amount of consideration that is unconditional. Trade and other receivables are carried at amortized cost, less impairment losses (see note g). An exception is made for trade receivables of designated customers of a limited number of subsidiaries of the Group, which are sold to a factoring company, with limited recourse. These trade debtors are measured at fair value through profit and loss, until they are derecognized at the moment that the invoices are sold to the factoring company. Recognized interest-bearing loans and borrowings After initial recognition, interest-bearing loans and borrowings are carried at amortized cost with any difference between the initial carrying amount and the redemption amount, based on the effective interest method, taken to profit or loss over the respective terms of the loans Trade and other payables Trade and other payables are carried at amortized cost. Cash and cash equivalents Cash and cash equivalents comprise cash and bank balances and other call deposits payable on demand. Bank overdrafts that are repayable on demand and form an integral part of the Group\u2019s cash management, are included as a component of cash and cash equivalents in the statement of cash flows. Cash and cash equivalents are measured at amortized cost. Other non-derivative financial instruments Other non-derivative financial instruments are measured at amortized cost using the effective interest method, less any impairment losses. Derivative financial instruments, including hedge accounting The Group holds derivative financial instruments to hedge its foreign currency and interest rate exposures. Embedded derivatives are separated from the host contract and accounted for separately if the host contract is not a financial asset and certain criteria are met. As at 31 December 2025, no embedded derivatives existed. Derivatives are initially measured at fair value, with attributable transaction costs recognized in the statement of comprehensive income when they are incurred. Subsequent to initial recognition, derivatives are carried at fair value. Any changes are taken to profit or loss. The Group designates certain derivatives as hedging instruments to hedge the variability in cash flows associated with highly probable forecast transactions arising from changes in foreign exchange rates and interest rates and certain derivatives and non-derivative financial liabilities as hedges of foreign exchange risk on a net investment in a foreign operation. At inception of designated hedging relationships, the Group documents the risk management objective and strategy for undertaking the hedge. The Group also documents the economic relationship between the hedged item and the hedging instrument, including whether the changes in cash flows of the hedged item and hedging instrument are expected to offset each other. Changes in the fair value of a derivative hedging instrument designated as a cash flow hedge are recognized in other comprehensive income and presented in the hedging reserve. The effective portion of changes in the fair value of the derivative that is recognized in OCI is limited to the cumulative change in fair value of the hedged item, determined on a present value basis, from inception of the hedge. Any ineffective portion of changes in the fair value of the derivative is recognized immediately in profit or loss. The Group designates only the change in fair value of the spot element of forward exchange contracts as the hedging instrument in cash flow hedging relationships. The change in fair value of the forward element of forward exchange contracts (\u2018forward points\u2019) is separately accounted for as a cost of hedging. When the hedged forecast transaction subsequently results in the recognition of a non-financial item such as inventory, the amount accumulated in the hedging reserve and the cost of hedging reserve is included directly in the initial cost of the non-financial item when it is recognized. For all other hedged forecast transactions, the amount accumulated in the hedging reserve and the cost of hedging reserve is reclassified to profit or loss in the same period or periods during which the hedged expected future cash flows affect profit or loss.
If the hedge no longer meets the criteria for hedge accounting or the hedging instrument is sold, expires, is terminated or is exercised, then hedge
accounting is discontinued prospectively. When hedge accounting for cash flow hedges is discontinued, the amount that has been accumulated in the
hedging reserve remains in equity until, for a hedge of a transaction resulting in the recognition of a non-financial item, it is included in the non-financial
item\u2019s cost on its initial recognition or, for other cash flow hedges, it is reclassified to profit or loss in the same period or periods as the hedged expected
future cash flows affect profit or loss.
If the hedged future cash flows are no longer expected to occur, then the amounts that have been accumulated in the hedging reserve and the cost
of hedging reserve are immediately reclassified to profit or loss.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:724500IGR5FBK0RLZI29", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-418": { "value": "Financial instruments and other investments Financial instruments Non-derivative financial instruments Recognition and initial measurement Trade receivables are initially recognized when they are originated. All other financial assets and financial liabilities are initially recognized when the Group becomes a party to the contractual provisions of the instrument. A financial asset (unless it is a trade receivable without a significant financing component) or financial liability is initially measured at fair value plus, for an item not at Fair value through P&L (\u2018FVTPL\u2019), transaction costs that are directly attributable to its acquisition or issue. A trade receivable without a significant financing component is initially measured at the transaction price. Classification and subsequent measurement Financial assets are not reclassified subsequent to their initial recognition unless the Group changes its business model for managing financial assets, in which case all affected financial assets are reclassified on the first day of the first reporting period following the change in the business model. A financial asset is measured at amortized cost if it meets both of the following conditions and is not designated as at FVTPL: \u25a0 it is held within a business model whose objective is to hold assets to collect contractual cash flows; and \u25a0 its contractual terms give rise on specified dates to cash flows that are solely payments of principal and interest on the principal amount outstanding. A debt investment is measured at Fair value through OCI (\u2018FVOCI\u2019) if it meets both of the following conditions and is not designated as at FVTPL: \u25a0 it is held within a business model whose objective is achieved by both collecting contractual cash flows and selling financial assets; and \u25a0 its contractual terms give rise on specified dates to cash flows. On initial recognition of an equity investment that is not held for trading, the Group may irrevocably elect to present subsequent changes in the investment\u2019s fair value in OCI. This election is made on an investment-by-investment basis. All financial assets not classified as measured at amortized cost as described above are measured at FVTPL. This includes all derivative financial assets. On initial recognition, the Group may irrevocably designate a financial asset that otherwise meets the requirements to be measured at amortized cost or at FVOCI as at FVTPL if doing so eliminates or significantly reduces an accounting mismatch that would otherwise arise. The Group makes an assessment of the objective of the business model in which a financial asset is held at a portfolio level because this best reflects the way the business is managed, and information is provided to management. Financial assets that are held for trading or are managed and whose performance is evaluated on a fair value basis are measured at FVTPL. Assessment whether contractual cash flows are solely payments of principal and interest For the purposes of this assessment, \u2018principal\u2019 is defined as the fair value of the financial asset on initial recognition. \u2018Interest\u2019 is defined as consideration for the time value of money and for the credit risk associated with the principal amount outstanding during a particular period of time and for other basic lending risks and costs (e.g. liquidity risk and administrative costs), as well as a profit margin. In assessing whether the contractual cash flows are solely payments of principal and interest, the Group considers the contractual terms of the instrument. This includes assessing whether the financial asset contains a contractual term that could change the timing or amount of contractual cash flows such that it would not meet this condition. In making this assessment, the Group considers: \u25a0 contingent events that would change the amount or timing of cash flows; \u25a0 terms that may adjust the contractual coupon rate, including variable-rate features; \u25a0 prepayment and extension features; and \u25a0 terms that limit the Group\u2019s claim to cash flows from specified assets (e.g. non-recourse features). Derecognition The Group derecognizes a financial asset when the contractual rights to the cash flows from the financial asset expire, or it transfers the rights to receive the contractual cash flows in a transaction in which substantially all of the risks and rewards of ownership of the financial asset are transferred or in which the Group neither transfers nor retains substantially all of the risks and rewards of ownership and it does not retain control of the financial asset. The Group derecognizes a financial liability when its contractual obligations are discharged or cancelled, or expire. The Group also derecognizes a financial liability when its terms are modified, and the cash flows of the modified liability are substantially different, in which case a new financial liability based on the modified terms is recognized at fair value. On derecognition of a financial liability, the difference between the carrying amount extinguished and the consideration paid (including any non-cash assets transferred or liabilities assumed) is recognized in profit or loss Trade and other receivables Trade and other receivables represent the Group\u2019s right to an amount of consideration that is unconditional. Trade and other receivables are carried at amortized cost, less impairment losses (see note g). An exception is made for trade receivables of designated customers of a limited number of subsidiaries of the Group, which are sold to a factoring company, with limited recourse. These trade debtors are measured at fair value through profit and loss, until they are derecognized at the moment that the invoices are sold to the factoring company. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialAssetsExplanatory", "language": "en", "entity": "scheme:724500IGR5FBK0RLZI29", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-419": { "value": "
Financial liabilities
Financial liabilities are classified as measured at amortized cost or FVTPL. A financial liability is classified as at FVTPL if it is classified as held-for-trading,
it is a derivative or it is designated as such on initial recognition. Financial liabilities at FVTPL are measured at fair value and net gains and losses,
including any interest expense, are recognized in profit or loss. Other financial liabilities are subsequently measured at amortized cost using the effective
interest method. Interest expense and foreign exchange gains and losses are recognized in profit or loss. Any gain or loss on derecognition is also
recognized in profit or loss.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialLiabilitiesExplanatory", "language": "en", "entity": "scheme:724500IGR5FBK0RLZI29", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-420": { "value": "
Derecognition
The Group derecognizes a financial asset when the contractual rights to the cash flows from the financial asset expire, or it transfers the rights to receive
the contractual cash flows in a transaction in which substantially all of the risks and rewards of ownership of the financial asset are transferred or in
which the Group neither transfers nor retains substantially all of the risks and rewards of ownership and it does not retain control of the financial asset.
The Group derecognizes a financial liability when its contractual obligations are discharged or cancelled, or expire. The Group also derecognizes a
financial liability when its terms are modified, and the cash flows of the modified liability are substantially different, in which case a new financial liability
based on the modified terms is recognized at fair value. On derecognition of a financial liability, the difference between the carrying amount extinguished
and the consideration paid (including any non-cash assets transferred or liabilities assumed) is recognized in profit or loss .
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDerecognitionOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:724500IGR5FBK0RLZI29", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-421": { "value": "
Offsetting
Financial assets and financial liabilities are offset and the net amount presented in the statement of financial position when, and only when, the Group
currently has a legally enforceable right to set off the amounts, it intends either to settle them on a net basis or to realize the asset and settle the liability
simultaneously and the financial assets and financial liabilities are with the same party.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForOffsettingOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:724500IGR5FBK0RLZI29", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-422": { "value": "
Other investments
Associates are those entities in which the Group has significant influence, but not control or joint control, over the financial and operating policies.
Interests in associates and the joint venture are accounted for using the equity method. They are initially recognized at cost, which includes transaction
costs. Subsequent to initial recognition, the consolidated financial statements include the Group\u2019s share of the profit or loss and OCI of equity-
accounted investees, until the date on which significant influence or joint control ceases.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentInAssociates", "language": "en", "entity": "scheme:724500IGR5FBK0RLZI29", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-423": { "value": "Other investments Associates are those entities in which the Group has significant influence, but not control or joint control, over the financial and operating policies. Interests in associates and the joint venture are accounted for using the equity method. They are initially recognized at cost, which includes transaction costs. Subsequent to initial recognition, the consolidated financial statements include the Group\u2019s share of the profit or loss and OCI of equity- accounted investees, until the date on which significant influence or joint control ceases. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentInAssociatesAndJointVenturesExplanatory", "language": "en", "entity": "scheme:724500IGR5FBK0RLZI29", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-424": { "value": "Other investments Associates are those entities in which the Group has significant influence, but not control or joint control, over the financial and operating policies. Interests in associates and the joint venture are accounted for using the equity method. They are initially recognized at cost, which includes transaction costs. Subsequent to initial recognition, the consolidated financial statements include the Group\u2019s share of the profit or loss and OCI of equity- accounted investees, until the date on which significant influence or joint control ceases. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentsInJointVentures", "language": "en", "entity": "scheme:724500IGR5FBK0RLZI29", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-425": { "value": "Trade and other receivables Trade and other receivables represent the Group\u2019s right to an amount of consideration that is unconditional. Trade and other receivables are carried at amortized cost, less impairment losses (see note g). An exception is made for trade receivables of designated customers of a limited number of subsidiaries of the Group, which are sold to a factoring company, with limited recourse. These trade debtors are measured at fair value through profit and loss, until they are derecognized at the moment that the invoices are sold to the factoring company. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherReceivablesExplanatory", "language": "en", "entity": "scheme:724500IGR5FBK0RLZI29", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-426": { "value": "Recognized interest-bearing loans and borrowings After initial recognition, interest-bearing loans and borrowings are carried at amortized cost with any difference between the initial carrying amount and the redemption amount, based on the effective interest method, taken to profit or loss over the respective terms of the loans ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBorrowingsExplanatory", "language": "en", "entity": "scheme:724500IGR5FBK0RLZI29", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-427": { "value": "Trade and other payables Trade and other payables are carried at amortized cost. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherPayablesExplanatory", "language": "en", "entity": "scheme:724500IGR5FBK0RLZI29", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-428": { "value": "
Cash and cash equivalents
Cash and cash equivalents comprise cash and bank balances and other call deposits payable on demand. Bank overdrafts that are repayable on
demand and form an integral part of the Group\u2019s cash management, are included as a component of cash and cash equivalents in the statement
of cash flows. Cash and cash equivalents are measured at amortized cost.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyToDetermineComponentsOfCashAndCashEquivalents", "language": "en", "entity": "scheme:724500IGR5FBK0RLZI29", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-429": { "value": "
Derivative financial instruments, including hedge accounting
The Group holds derivative financial instruments to hedge its foreign currency and interest rate exposures. Embedded derivatives are separated from
the host contract and accounted for separately if the host contract is not a financial asset and certain criteria are met. As at 31 December 2025,
no embedded derivatives existed.
Derivatives are initially measured at fair value, with attributable transaction costs recognized in the statement of comprehensive income when they
are incurred. Subsequent to initial recognition, derivatives are carried at fair value. Any changes are taken to profit or loss.
The Group designates certain derivatives as hedging instruments to hedge the variability in cash flows associated with highly probable forecast
transactions arising from changes in foreign exchange rates and interest rates and certain derivatives and non-derivative financial liabilities as hedges
of foreign exchange risk on a net investment in a foreign operation. At inception of designated hedging relationships, the Group documents the risk
management objective and strategy for undertaking the hedge. The Group also documents the economic relationship between the hedged item and
the hedging instrument, including whether the changes in cash flows of the hedged item and hedging instrument are expected to offset each other.
Changes in the fair value of a derivative hedging instrument designated as a cash flow hedge are recognized in other comprehensive income and
presented in the hedging reserve.
The effective portion of changes in the fair value of the derivative that is recognized in OCI is limited to the cumulative change in fair value of the hedged
item, determined on a present value basis, from inception of the hedge. Any ineffective portion of changes in the fair value of the derivative is recognized
immediately in profit or loss. The Group designates only the change in fair value of the spot element of forward exchange contracts as the hedging
instrument in cash flow hedging relationships. The change in fair value of the forward element of forward exchange contracts (\u2018forward points\u2019) is
separately accounted for as a cost of hedging.
When the hedged forecast transaction subsequently results in the recognition of a non-financial item such as inventory, the amount accumulated in
the hedging reserve and the cost of hedging reserve is included directly in the initial cost of the non-financial item when it is recognized.
For all other hedged forecast transactions, the amount accumulated in the hedging reserve and the cost of hedging reserve is reclassified to profit or
loss in the same period or periods during which the hedged expected future cash flows affect profit or loss.
If the hedge no longer meets the criteria for hedge accounting or the hedging instrument is sold, expires, is terminated or is exercised, then hedge accounting is discontinued prospectively. When hedge accounting for cash flow hedges is discontinued, the amount that has been accumulated in the hedging reserve remains in equity until, for a hedge of a transaction resulting in the recognition of a non-financial item, it is included in the non-financial item\u2019s cost on its initial recognition or, for other cash flow hedges, it is reclassified to profit or loss in the same period or periods as the hedged expected future cash flows affect profit or loss. If the hedged future cash flows are no longer expected to occur, then the amounts that have been accumulated in the hedging reserve and the cost of hedging reserve are immediately reclassified to profit or loss.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:724500IGR5FBK0RLZI29", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-430": { "value": "Derivative financial instruments, including hedge accounting The Group holds derivative financial instruments to hedge its foreign currency and interest rate exposures. Embedded derivatives are separated from the host contract and accounted for separately if the host contract is not a financial asset and certain criteria are met. As at 31 December 2025, no embedded derivatives existed. Derivatives are initially measured at fair value, with attributable transaction costs recognized in the statement of comprehensive income when they are incurred. Subsequent to initial recognition, derivatives are carried at fair value. Any changes are taken to profit or loss. The Group designates certain derivatives as hedging instruments to hedge the variability in cash flows associated with highly probable forecast transactions arising from changes in foreign exchange rates and interest rates and certain derivatives and non-derivative financial liabilities as hedges of foreign exchange risk on a net investment in a foreign operation. At inception of designated hedging relationships, the Group documents the risk management objective and strategy for undertaking the hedge. The Group also documents the economic relationship between the hedged item and the hedging instrument, including whether the changes in cash flows of the hedged item and hedging instrument are expected to offset each other. Changes in the fair value of a derivative hedging instrument designated as a cash flow hedge are recognized in other comprehensive income and presented in the hedging reserve. The effective portion of changes in the fair value of the derivative that is recognized in OCI is limited to the cumulative change in fair value of the hedged item, determined on a present value basis, from inception of the hedge. Any ineffective portion of changes in the fair value of the derivative is recognized immediately in profit or loss. The Group designates only the change in fair value of the spot element of forward exchange contracts as the hedging instrument in cash flow hedging relationships. The change in fair value of the forward element of forward exchange contracts (\u2018forward points\u2019) is separately accounted for as a cost of hedging. When the hedged forecast transaction subsequently results in the recognition of a non-financial item such as inventory, the amount accumulated in the hedging reserve and the cost of hedging reserve is included directly in the initial cost of the non-financial item when it is recognized. For all other hedged forecast transactions, the amount accumulated in the hedging reserve and the cost of hedging reserve is reclassified to profit or loss in the same period or periods during which the hedged expected future cash flows affect profit or loss. If the hedge no longer meets the criteria for hedge accounting or the hedging instrument is sold, expires, is terminated or is exercised, then hedge accounting is discontinued prospectively. When hedge accounting for cash flow hedges is discontinued, the amount that has been accumulated in the hedging reserve remains in equity until, for a hedge of a transaction resulting in the recognition of a non-financial item, it is included in the non-financial item\u2019s cost on its initial recognition or, for other cash flow hedges, it is reclassified to profit or loss in the same period or periods as the hedged expected future cash flows affect profit or loss. If the hedged future cash flows are no longer expected to occur, then the amounts that have been accumulated in the hedging reserve and the cost of hedging reserve are immediately reclassified to profit or loss.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsAndHedgingExplanatory", "language": "en", "entity": "scheme:724500IGR5FBK0RLZI29", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-431": { "value": "Derivative financial instruments, including hedge accounting The Group holds derivative financial instruments to hedge its foreign currency and interest rate exposures. Embedded derivatives are separated from the host contract and accounted for separately if the host contract is not a financial asset and certain criteria are met. As at 31 December 2025, no embedded derivatives existed. Derivatives are initially measured at fair value, with attributable transaction costs recognized in the statement of comprehensive income when they are incurred. Subsequent to initial recognition, derivatives are carried at fair value. Any changes are taken to profit or loss. The Group designates certain derivatives as hedging instruments to hedge the variability in cash flows associated with highly probable forecast transactions arising from changes in foreign exchange rates and interest rates and certain derivatives and non-derivative financial liabilities as hedges of foreign exchange risk on a net investment in a foreign operation. At inception of designated hedging relationships, the Group documents the risk management objective and strategy for undertaking the hedge. The Group also documents the economic relationship between the hedged item and the hedging instrument, including whether the changes in cash flows of the hedged item and hedging instrument are expected to offset each other. Changes in the fair value of a derivative hedging instrument designated as a cash flow hedge are recognized in other comprehensive income and presented in the hedging reserve. The effective portion of changes in the fair value of the derivative that is recognized in OCI is limited to the cumulative change in fair value of the hedged item, determined on a present value basis, from inception of the hedge. Any ineffective portion of changes in the fair value of the derivative is recognized immediately in profit or loss. The Group designates only the change in fair value of the spot element of forward exchange contracts as the hedging instrument in cash flow hedging relationships. The change in fair value of the forward element of forward exchange contracts (\u2018forward points\u2019) is separately accounted for as a cost of hedging. When the hedged forecast transaction subsequently results in the recognition of a non-financial item such as inventory, the amount accumulated in the hedging reserve and the cost of hedging reserve is included directly in the initial cost of the non-financial item when it is recognized. For all other hedged forecast transactions, the amount accumulated in the hedging reserve and the cost of hedging reserve is reclassified to profit or loss in the same period or periods during which the hedged expected future cash flows affect profit or loss. If the hedge no longer meets the criteria for hedge accounting or the hedging instrument is sold, expires, is terminated or is exercised, then hedge accounting is discontinued prospectively. When hedge accounting for cash flow hedges is discontinued, the amount that has been accumulated in the hedging reserve remains in equity until, for a hedge of a transaction resulting in the recognition of a non-financial item, it is included in the non-financial item\u2019s cost on its initial recognition or, for other cash flow hedges, it is reclassified to profit or loss in the same period or periods as the hedged expected future cash flows affect profit or loss. If the hedged future cash flows are no longer expected to occur, then the amounts that have been accumulated in the hedging reserve and the cost of hedging reserve are immediately reclassified to profit or loss.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForHedgingExplanatory", "language": "en", "entity": "scheme:724500IGR5FBK0RLZI29", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-432": { "value": "
Inventories
Inventories are measured at the lower of cost and net realisable value. Net realisable value is the estimated selling price in the ordinary course of
business, less the estimated costs of completion and the estimated costs to sell. The cost of inventories of the Group is based on the weighted
average cost, and includes expenditure incurred in acquiring the inventories, production or conversion costs, and other costs incurred in bringing
them to their current location and condition. The cost of inventories includes an appropriate share of overheads based on normal operating capacity.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForMeasuringInventories", "language": "en", "entity": "scheme:724500IGR5FBK0RLZI29", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-433": { "value": "Impairment Financial assets The Group recognizes impairments for financial assets based on the \u2018expected credit loss\u2019 model. The Group measures loss allowances at an amount equal to the lifetime expected credit losses. Expected credit losses are a probability-weighted estimate of credit losses. Credit losses are measured as the present value of all cash shortfalls, being the difference between the cash flows due to the entity in accordance to the contract and the cash flows that the Group expects to receive. The Group makes use of the simplified method for trade receivables and contracts assets as set out in IFRS 9. The expected credit losses for significant financial assets are determined on an individual basis. The remaining financial assets are assessed collectively in groups of assets that have similar credit risk characteristics. All impairment losses are recognized in the consolidated statement of comprehensive income. An impairment loss is reversed if the reversal can be related objectively to an event occurring after the impairment loss was recognized. For financial assets measured at amortized cost, the reversal is recognized in profit or loss. Non-financial assets The carrying amounts of the Group\u2019s non-financial assets, other than inventories and deferred tax assets, are reviewed at each reporting date to determine whether there is any indication of impairment. If any such indication exists, then the asset\u2019s recoverable amount is estimated. For goodwill and intangible assets that have indefinite lives or that are not yet available for use, the recoverable amount is estimated at each reporting date. The recoverable amount of an asset or cash-generating unit is the greater of its value in use and its fair value less costs to sell. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset. For the purpose of impairment testing, assets are grouped together into the smallest group of assets that generates cash inflows from continuing use that are largely independent of the cash inflows of other assets or groups of assets (the \u2018cash- generating unit\u2019). For the purpose of impairment testing, the goodwill acquired in a business combination is allocated to cash-generating units that are expected to benefit from the synergies of the combination. An impairment loss is recognized if the carrying amount of an asset or its cash-generating unit exceeds its estimated recoverable amount. Impairment losses are recognized in profit or loss. Impairment losses recognized in respect of cash-generating units are first allocated to reduce the carrying amount of any goodwill allocated to the units and then to reduce the carrying amount of the other assets in the unit (group of units) on a pro rata basis. Reversal of impairment losses Impairment losses in respect of goodwill are not reversed. Impairment losses in respect of other assets are reversed if there has been a change in the estimates used to determine the recoverable amount. An impairment loss is reversed only to the extent that the asset\u2019s carrying amount does not exceed the carrying amount that would have been determined, net of depreciation or amortization, if no impairment loss had been recognized. Reversals of impairment losses are recognized in profit or loss . Calculation of recoverable amount The recoverable amount of the Group\u2019s receivables carried at amortized cost is calculated as the present value of estimated future cash flows, discounted at the original effective interest rate (i.e. the effective interest rate computed on initial recognition of these financial assets). Receivables with a short remaining term are not discounted . The recoverable amount of other assets is the greater of their net selling price and value in use . In determining value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset. For an asset that does not generate largely independent cash inflows, the recoverable amount is determined for the cash-generating unit to which the asset belongs. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfAssetsExplanatory", "language": "en", "entity": "scheme:724500IGR5FBK0RLZI29", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-434": { "value": "Financial assets The Group recognizes impairments for financial assets based on the \u2018expected credit loss\u2019 model. The Group measures loss allowances at an amount equal to the lifetime expected credit losses. Expected credit losses are a probability-weighted estimate of credit losses. Credit losses are measured as the present value of all cash shortfalls, being the difference between the cash flows due to the entity in accordance to the contract and the cash flows that the Group expects to receive. The Group makes use of the simplified method for trade receivables and contracts assets as set out in IFRS 9. The expected credit losses for significant financial assets are determined on an individual basis. The remaining financial assets are assessed collectively in groups of assets that have similar credit risk characteristics. All impairment losses are recognized in the consolidated statement of comprehensive income. An impairment loss is reversed if the reversal can be related objectively to an event occurring after the impairment loss was recognized. For financial assets measured at amortized cost, the reversal is recognized in profit or loss. Calculation of recoverable amount The recoverable amount of the Group\u2019s receivables carried at amortized cost is calculated as the present value of estimated future cash flows, discounted at the original effective interest rate (i.e. the effective interest rate computed on initial recognition of these financial assets). Receivables with a short remaining term are not discounted ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfFinancialAssetsExplanatory", "language": "en", "entity": "scheme:724500IGR5FBK0RLZI29", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-435": { "value": "
Non-financial assets
The carrying amounts of the Group\u2019s non-financial assets, other than inventories and deferred tax assets, are reviewed at each reporting date
to determine whether there is any indication of impairment. If any such indication exists, then the asset\u2019s recoverable amount is estimated.
For goodwill and intangible assets that have indefinite lives or that are not yet available for use, the recoverable amount is estimated at each
reporting date.
The recoverable amount of an asset or cash-generating unit is the greater of its value in use and its fair value less costs to sell. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset. For the purpose of impairment testing, assets are grouped together into the smallest group of assets that generates cash inflows from continuing use that are largely independent of the cash inflows of other assets or groups of assets (the \u2018cash- generating unit\u2019). For the purpose of impairment testing, the goodwill acquired in a business combination is allocated to cash-generating units that are expected to benefit from the synergies of the combination. An impairment loss is recognized if the carrying amount of an asset or its cash-generating unit exceeds its estimated recoverable amount. Impairment losses are recognized in profit or loss. Impairment losses recognized in respect of cash-generating units are first allocated to reduce the carrying amount of any goodwill allocated to the units and then to reduce the carrying amount of the other assets in the unit (group of units) on a pro rata basis. Reversal of impairment losses Impairment losses in respect of goodwill are not reversed. Impairment losses in respect of other assets are reversed if there has been a change in the estimates used to determine the recoverable amount. An impairment loss is reversed only to the extent that the asset\u2019s carrying amount does not exceed the carrying amount that would have been determined, net of depreciation or amortization, if no impairment loss had been recognized. Reversals of impairment losses are recognized in profit or loss Calculation of recoverable amount The recoverable amount of the Group\u2019s receivables carried at amortized cost is calculated as the present value of estimated future cash flows, discounted at the original effective interest rate (i.e. the effective interest rate computed on initial recognition of these financial assets). Receivables with a short remaining term are not discounted . The recoverable amount of other assets is the greater of their net selling price and value in use . In determining value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset. For an asset that does not generate largely independent cash inflows, the recoverable amount is determined for the cash-generating unit to which the asset belongs. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfNonfinancialAssetsExplanatory", "language": "en", "entity": "scheme:724500IGR5FBK0RLZI29", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-436": { "value": "
Share capital
Ordinary shares
Ordinary shares are classified as equity. Incremental costs directly attributable to the issue of ordinary shares are recognized as a deduction
from equity, net of any tax effect.
Repurchase, disposal and reissue of share capital (treasury shares)
When own shares recognized as equity are repurchased, the amount of the consideration paid, including directly attributable costs and net of any tax
effects, is recognized as a deduction from equity. Repurchased shares are presented in the reserve for own shares as a deduction from total equity. If
treasury shares are sold or reissued subsequently, the amount received is recognized as an increase in equity, and the resulting surplus or deficit on the
transaction is transferred respectively to or from other reserves.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIssuedCapitalExplanatory", "language": "en", "entity": "scheme:724500IGR5FBK0RLZI29", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-437": { "value": "Repurchase, disposal and reissue of share capital (treasury shares) When own shares recognized as equity are repurchased, the amount of the consideration paid, including directly attributable costs and net of any tax effects, is recognized as a deduction from equity. Repurchased shares are presented in the reserve for own shares as a deduction from total equity. If treasury shares are sold or reissued subsequently, the amount received is recognized as an increase in equity, and the resulting surplus or deficit on the transaction is transferred respectively to or from other reserves. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTreasurySharesExplanatory", "language": "en", "entity": "scheme:724500IGR5FBK0RLZI29", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-438": { "value": "
Dividends
The holders of ordinary shares are entitled to receive dividends as determined from time to time by the General Meeting of Shareholders.
The Executive Board has the authority to decide, with the approval of the Supervisory Board, what portion of the profit will be allocated to the reserves.
If applicable, the declared but unpaid dividends are recognized as a liability.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDividendsExplanatory", "language": "en", "entity": "scheme:724500IGR5FBK0RLZI29", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-439": { "value": "Employee benefits Defined contribution plans A defined contribution plan is a post-employment benefit plan under which an entity pays fixed contributions into a separate entity and will have no legal or constructive obligation to pay further amounts. Obligations for contributions to defined contribution pension plans are recognized as an employee benefit expense in profit or loss when incurred. Prepaid contributions are recognized as an asset to the extent that a cash refund or reduction in future payments will occur. Defined benefit plans A defined benefit plan is a post-employment benefit plan other than a defined contribution plan. The Group\u2019s net obligation in respect of defined benefit plans is calculated separately for each plan by estimating the amount of future benefit that employees have earned in return for their service in the current and prior periods; that benefit is discounted to determine its present value. The fair value of any plan assets is deducted. The Group determines the net interest expense (income) on the net defined benefit liability (asset) for the period by applying the discount rate used to measure the defined benefit obligation at the beginning of the annual period to the net defined benefit liability (asset). The discount rate is the yield at the reporting date on Corporate bonds that have maturity dates approximating the terms of the Group\u2019s obligations and that are denominated in the same currency in which the benefits are expected to be paid. The calculation is performed annually by a qualified actuary using the projected unit credit method. When the calculation results in a benefit to the Group, the recognized asset is limited to the present value of economic benefits available in the form of any future refunds from the plan or reductions in future contributions to the plan. In order to calculate the present value of economic benefits, consideration is given to any minimum funding requirements that apply to any plan in the Group. An economic benefit is available to the Group if it is realisable during the life of the plan, or on settlement of the plan liabilities. Remeasurements arising from defined benefit plans comprise actuarial gains and losses, the return on plan assets (excluding interest) and the effect of the asset ceiling (if any, excluding interest). The Group recognizes them immediately in other comprehensive income, and all other expenses related to defined benefit plans as employee benefit expenses in profit or loss. When the benefits of a plan are changed, or when a plan is curtailed, the portion of the changed benefit relating to past service by employees, or the gain or loss on curtailment, is recognized immediately in profit or loss when the plan amendment or curtailment occurs. The Group recognizes gains and losses on the settlement of a defined benefit plan when the settlement occurs. The gain or loss on a settlement is the difference between the present value of the defined benefit obligation being settled as determined on the date of settlement and the settlement price, including any plan assets transferred and any payments made directly by the Group in connection with the settlement. Other long-term service benefits The Group\u2019s net obligation in respect of long-term service benefits other than pension plans is the amount of future benefit that employees have earned in return for their service in the current and prior periods. The obligation is calculated using the projected unit credit method, discounted to its present value and net of the fair value of any related assets. The discount rate is the yield at the financial position date on corporate bonds that have maturity dates approximating the terms of the Group\u2019s obligations. Any actuarial gains and losses are recognized in profit or loss in the period in which they arise. Share-based payment transactions As only equity settled share-based payments are applicable only the accounting policy for these transactions has been included. The fair value on the grant date of share-based payment awards made to employees and the Executive Board is recognized as an employee expense, with a corresponding increase in equity, over the period that the employees unconditionally become entitled to the awards. The amount recognized as an expense is adjusted to reflect the number of awards for which the related service and non-market vesting conditions are expected to be met, so that the amount ultimately recognized as an expense is based on the number of awards that meet the related service and non-market performance conditions at the vesting date. For share-based payment awards with non-vesting conditions, the fair value on the grant date of the share-based payment is measured to reflect such conditions, with no true-up for differences between expected and actual outcomes. Short-term employee benefits A liability is recognized for the amount expected to be paid if the Group has a present legal or constructive obligation to pay this amount as a result of past service provided by the employee and the obligation can be estimated reliably. Short-term employee benefits are expensed as the related service is provided. Termination benefits Termination benefits are expensed at the earlier of when the Group can no longer withdraw the offer of those benefits and when the Group recognized costs for a restructuring. If benefits are not expected to be settled wholly within 12 months of the reporting date, then they are discounted. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForEmployeeBenefitsExplanatory", "language": "en", "entity": "scheme:724500IGR5FBK0RLZI29", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-440": { "value": "
Share-based payment transactions
As only equity settled share-based payments are applicable only the accounting policy for these transactions has been included.
The fair value on the grant date of share-based payment awards made to employees and the Executive Board is recognized as an employee expense,
with a corresponding increase in equity, over the period that the employees unconditionally become entitled to the awards. The amount recognized
as an expense is adjusted to reflect the number of awards for which the related service and non-market vesting conditions are expected to be met,
so that the amount ultimately recognized as an expense is based on the number of awards that meet the related service and non-market performance
conditions at the vesting date. For share-based payment awards with non-vesting conditions, the fair value on the grant date of the share-based
payment is measured to reflect such conditions, with no true-up for differences between expected and actual outcomes.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSharebasedPaymentTransactionsExplanatory", "language": "en", "entity": "scheme:724500IGR5FBK0RLZI29", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-441": { "value": "Termination benefits Termination benefits are expensed at the earlier of when the Group can no longer withdraw the offer of those benefits and when the Group recognized costs for a restructuring. If benefits are not expected to be settled wholly within 12 months of the reporting date, then they are discounted. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTerminationBenefits", "language": "en", "entity": "scheme:724500IGR5FBK0RLZI29", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-442": { "value": "
Provisions
A provision is recognized in the statement of financial position if the Group has a present legal or constructive obligation as a result of a past event,
that can be estimated reliably and it is probable that settlement of the obligation will involve an outflow of funds. If the effect is material, provisions are
determined by discounting the expected future cash flows at a pre-tax rate that reflects current market assessments of the time value of money and,
where appropriate, the risks specific to the liability. The unwinding of the discount is recognized as finance cost.
Restructuring provisions
A provision for restructuring is recognized when the Group has approved a detailed and formal restructuring plan, and the restructuring either has
commenced or has been announced publicly. Future operating losses are not provided for.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForProvisionsExplanatory", "language": "en", "entity": "scheme:724500IGR5FBK0RLZI29", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-443": { "value": "Assets classified as held for sale and discontinued operations Assets classified as held for sale are measured at the lower of carrying amount and fair value less costs to sell. Assets are classified as held for sale if their carrying amount will be recovered through a sale transaction rather than through continuing use. This condition is regarded as met only when the sale is highly probable and the asset (or disposal group) is available for immediate sale in its present condition. Management must be committed to the sale which should be expected to qualify for recognition as a completed sale within one year from the date of classification. Discontinued operations, which are described in note 8, are excluded from the results of continuing operations and are presented as a single amount as profit or loss after tax from discontinued operations in the statement of profit or loss. Additional disclosures are provided in note 8. All other notes to the Consolidated statement of profit and loss and other comprehensive income include amounts for continuing operations, unless indicated otherwise . ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDiscontinuedOperationsExplanatory", "language": "en", "entity": "scheme:724500IGR5FBK0RLZI29", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-444": { "value": "Assets classified as held for sale and discontinued operations Assets classified as held for sale are measured at the lower of carrying amount and fair value less costs to sell. Assets are classified as held for sale if their carrying amount will be recovered through a sale transaction rather than through continuing use. This condition is regarded as met only when the sale is highly probable and the asset (or disposal group) is available for immediate sale in its present condition. Management must be committed to the sale which should be expected to qualify for recognition as a completed sale within one year from the date of classification. Discontinued operations, which are described in note 8, are excluded from the results of continuing operations and are presented as a single amount as profit or loss after tax from discontinued operations in the statement of profit or loss. Additional disclosures are provided in note 8. All other notes to the Consolidated statement of profit and loss and other comprehensive income include amounts for continuing operations, unless indicated otherwise ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForNoncurrentAssetsOrDisposalGroupsClassifiedAsHeldForSaleExplanatory", "language": "en", "entity": "scheme:724500IGR5FBK0RLZI29", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-445": { "value": "Assets classified as held for sale and discontinued operations Assets classified as held for sale are measured at the lower of carrying amount and fair value less costs to sell. Assets are classified as held for sale if their carrying amount will be recovered through a sale transaction rather than through continuing use. This condition is regarded as met only when the sale is highly probable and the asset (or disposal group) is available for immediate sale in its present condition. Management must be committed to the sale which should be expected to qualify for recognition as a completed sale within one year from the date of classification. Discontinued operations, which are described in note 8, are excluded from the results of continuing operations and are presented as a single amount as profit or loss after tax from discontinued operations in the statement of profit or loss. Additional disclosures are provided in note 8. All other notes to the Consolidated statement of profit and loss and other comprehensive income include amounts for continuing operations, unless indicated otherwise . ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForNoncurrentAssetsOrDisposalGroupsClassifiedAsHeldForSaleAndDiscontinuedOperationsExplanatory", "language": "en", "entity": "scheme:724500IGR5FBK0RLZI29", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-446": { "value": "Revenue Revenue from contracts with customers Revenue from contracts with customers is recognized when control of the goods or services are transferred to the customer at an amount that reflects the consideration (net of discounts, rebates, returns and excluding VAT) to which the Group expects to be entitled in exchange for those goods or services. The Group has generally concluded that it is the principal in its revenue arrangements because it typically controls the goods or services before transferring them to the customer. Sale of goods Revenue from sale of goods is recognized at the point in time when control of the asset is transferred to the customer, generally on delivery of the goods. The normal credit term is 15 up to 90 days upon delivery. The Group considers whether there are other promises in the contract that are separate performance obligations to which a portion of the transaction price needs to be allocated (e.g. warranties). In determining the transaction price for the sale of equipment, the Group considers the effects of variable consideration (e.g. early payment discount, volume rebates), the existence of significant financing components, noncash consideration, and consideration payable to the customer (if any). If the consideration in a contract includes a variable amount, the Group estimates the amount of consideration to which it will be entitled in exchange for transferring the goods to the customer. The variable consideration is estimated at contract inception and constrained until it is highly probable that a significant revenue reversal in the amount of cumulative revenue recognized will not occur when the associated uncertainty with the variable consideration is subsequently resolved. Some contracts for the sale of goods provide customers with a right of return and or volume rebates and or early payment discount. These conditions might give rise to variable consideration.
Certain contracts provide a customer the right to apply an early payment discount when the consideration to which the Group is entitled is transferred
to the Group before the contractual agreed credit terms. Those rebates are offset against amounts payable by the customer. To estimate the variable
consideration for the expected future early payment rebates, the Group applies the most likely amount method for contracts with a single-volume
threshold and the expected value method for contracts with more than one volume threshold. The selected method that best predicts the amount
of variable consideration is primarily driven by the payment behavior in the past and or any agreement with the customer when the consideration
will be transferred.
The related costs are recognized in profit or loss when they are incurred. Advances received are included in contract liabilities.
Services
Apart from sales of goods the Group provides limited services such as repairs and engineering/development services. Revenues from services
are recognized in proportion to the services rendered, based on the cost incurred in respect of the services performed up to balance sheet date,
in proportion to the estimated costs of the aggregate services to be performed. The cost price of these services is allocated to the same period.
Contract assets
The Group recognizes incremental costs of obtaining a contract and certain costs to fulfil a contract as an asset if the Group expects to recover those
costs. Any capitalized contract costs assets will be amortized on a systematic basis that is consistent with the entity\u2019s transfer of the related goods
or services to the customer.
Contract liabilities
A contract liability is the obligation to transfer goods or services to a customer for which the Group has received consideration (or an amount of
consideration is due) from the customer. If a customer pays consideration before the Group transfers goods or services to the customer, a contract
liability is recognized when the payment is made, or the payment is due (whichever is earlier). Contract liabilities are recognized as revenue when
the Group performs under the contract.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForRecognitionOfRevenue", "language": "en", "entity": "scheme:724500IGR5FBK0RLZI29", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-447": { "value": "
Net finance costs
Finance income comprises interest income on funds invested, and financial assets held to maturity. Interest income is recognized in profit or loss
as it accrues, using the effective interest method.
Finance expense comprises interest expense on borrowings, commitment fees, accrued interest on provisions, interest on pension liabilities, impairment
losses recognized on financial assets and losses on interest rate hedge instruments to the extent they are recognized in profit or loss. All borrowing
costs are recognized in profit or loss using the effective interest method.
Realized and unrealized foreign currency gains and losses on monetary assets and liabilities, including changes in fair value of currency hedge
instruments that are not qualified as cash flow hedges, are reported on a net basis .
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinanceCostsExplanatory", "language": "en", "entity": "scheme:724500IGR5FBK0RLZI29", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-448": { "value": "Net finance costs Finance income comprises interest income on funds invested, and financial assets held to maturity. Interest income is recognized in profit or loss as it accrues, using the effective interest method. Finance expense comprises interest expense on borrowings, commitment fees, accrued interest on provisions, interest on pension liabilities, impairment losses recognized on financial assets and losses on interest rate hedge instruments to the extent they are recognized in profit or loss. All borrowing costs are recognized in profit or loss using the effective interest method. Realized and unrealized foreign currency gains and losses on monetary assets and liabilities, including changes in fair value of currency hedge instruments that are not qualified as cash flow hedges, are reported on a net basis ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBorrowingCostsExplanatory", "language": "en", "entity": "scheme:724500IGR5FBK0RLZI29", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-449": { "value": "Net finance costs Finance income comprises interest income on funds invested, and financial assets held to maturity. Interest income is recognized in profit or loss as it accrues, using the effective interest method. Finance expense comprises interest expense on borrowings, commitment fees, accrued interest on provisions, interest on pension liabilities, impairment losses recognized on financial assets and losses on interest rate hedge instruments to the extent they are recognized in profit or loss. All borrowing costs are recognized in profit or loss using the effective interest method. Realized and unrealized foreign currency gains and losses on monetary assets and liabilities, including changes in fair value of currency hedge instruments that are not qualified as cash flow hedges, are reported on a net basis . ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInterestIncomeAndExpenseExplanatory", "language": "en", "entity": "scheme:724500IGR5FBK0RLZI29", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-450": { "value": "Net finance costs Finance income comprises interest income on funds invested, and financial assets held to maturity. Interest income is recognized in profit or loss as it accrues, using the effective interest method. Finance expense comprises interest expense on borrowings, commitment fees, accrued interest on provisions, interest on pension liabilities, impairment losses recognized on financial assets and losses on interest rate hedge instruments to the extent they are recognized in profit or loss. All borrowing costs are recognized in profit or loss using the effective interest method. Realized and unrealized foreign currency gains and losses on monetary assets and liabilities, including changes in fair value of currency hedge instruments that are not qualified as cash flow hedges, are reported on a net basis . ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinanceIncomeAndCostsExplanatory", "language": "en", "entity": "scheme:724500IGR5FBK0RLZI29", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-451": { "value": "Income tax Income tax for the year comprises current and deferred tax. Income tax is recognized in profit or loss unless it relates to items recognized directly in equity, in which case it is recognized in equity. The Group has determined that interest and penalties related to income taxes, including uncertain tax treatments, do not meet the definition of income taxes, and therefore accounted for them under IAS 37 Provisions, Contingent Liabilities and Contingent Assets. Current tax comprises the expected tax payable or receivable on the taxable income or loss for the year and any adjustment to the tax payable or receivable in respect of previous years. The amount of current tax payable or receivable is the best estimate of the tax amount expected to be paid or received that reflects uncertainty related to income taxes, if any. It is measured using tax rates enacted or substantively enacted at the reporting date. Current tax also includes any tax arising from dividends. Current tax assets and liabilities are offset when there is a legally enforceable right to offset current tax assets against current tax liabilities and when they relate to income taxes levied by the same taxation authority and the Group intends to settle its current tax assets and liabilities on a net basis. Deferred tax is recognized using the balance sheet method, providing for temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for taxation purposes. Deferred tax is not recognized for the following temporary differences: \u25a0 a transaction that is not a business combination, at the time of the transaction, affects neither accounting nor taxable profit and, at the time of the transaction, does not give rise to equal taxable and deductible temporary differences; \u25a0 relating to investments in subsidiaries and jointly controlled entities to the extent that it is probable that they will not be reversed in the foreseeable future; \u25a0 arising on the initial recognition of goodwill. Deferred tax is measured at the tax rates that are expected to be applied to temporary differences when they reverse, using tax rates enacted or substantively enacted at the reporting date, and reflects uncertainty related to income taxes, if any. Deferred tax assets and liabilities are offset if there is a legally enforceable right to offset current tax assets and liabilities, and they relate to income taxes levied by the same tax authority on the same taxable entity; or on different tax entities, but the intention is to settle current tax liabilities and assets on a net basis or their tax assets and liabilities will be realized simultaneously. A deferred tax asset is recognized to the extent that it is probable that future taxable profits will be available against which the asset can be applied. Deferred tax assets are reduced if it is no longer probable that the related tax benefit will be realized. Additional income taxes that arise from the distribution of a dividend are recognized at the same time as the liability to pay the related dividend is recognized. Uncertain tax items for which a provision is made relate principally to the interpretation of tax legislation regarding arrangements entered into by the Group. Due to the uncertainty associated with such tax items, there is a possibility that, on conclusion of open tax matters at a future date, the final outcome may differ significantly. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIncomeTaxExplanatory", "language": "en", "entity": "scheme:724500IGR5FBK0RLZI29", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-452": { "value": "Deferred tax is recognized using the balance sheet method, providing for temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for taxation purposes. Deferred tax is not recognized for the following temporary differences: \u25a0 a transaction that is not a business combination, at the time of the transaction, affects neither accounting nor taxable profit and, at the time of the transaction, does not give rise to equal taxable and deductible temporary differences; \u25a0 relating to investments in subsidiaries and jointly controlled entities to the extent that it is probable that they will not be reversed in the foreseeable future; \u25a0 arising on the initial recognition of goodwill. Deferred tax is measured at the tax rates that are expected to be applied to temporary differences when they reverse, using tax rates enacted or substantively enacted at the reporting date, and reflects uncertainty related to income taxes, if any. Deferred tax assets and liabilities are offset if there is a legally enforceable right to offset current tax assets and liabilities, and they relate to income taxes levied by the same tax authority on the same taxable entity; or on different tax entities, but the intention is to settle current tax liabilities and assets on a net basis or their tax assets and liabilities will be realized simultaneously.
A deferred tax asset is recognized to the extent that it is probable that future taxable profits will be available against which the asset can be applied.
Deferred tax assets are reduced if it is no longer probable that the related tax benefit will be realized.
Additional income taxes that arise from the distribution of a dividend are recognized at the same time as the liability to pay the related dividend
is recognized.
Uncertain tax items for which a provision is made relate principally to the interpretation of tax legislation regarding arrangements entered into by the
Group. Due to the uncertainty associated with such tax items, there is a possibility that, on conclusion of open tax matters at a future date, the final
outcome may differ significantly.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDeferredIncomeTaxExplanatory", "language": "en", "entity": "scheme:724500IGR5FBK0RLZI29", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-453": { "value": "
Earnings per share
The Company presents basic and diluted earnings per share data for its ordinary shares. Basic earnings per share is calculated by dividing the profit or
loss attributable to ordinary shareholders of the Company by the weighted average number of ordinary shares outstanding during the reporting period.
Diluted earnings per share is determined by adjusting profit or loss attributable to ordinary shareholders and the weighted average number of ordinary
shares outstanding, for the effects of all dilutive potential ordinary shares.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForEarningsPerShareExplanatory", "language": "en", "entity": "scheme:724500IGR5FBK0RLZI29", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-454": { "value": "Segment reporting The Group defines and presents operating segments based on the information that is provided internally to the Executive Board, the Group\u2019s chief operating decision-maker. This is in conformity with IFRS 8 \u2013 Operating segments. On the basis of the criteria of IFRS 8, Kendrion has three operating segments, the business groups Industrial Brakes and Industrial Actuators and Controls, and Mobility. An operating segment is a part of the Group engaging in business activities that may result in revenue and expenses, including the revenue and expenses relating to transactions with any of the Group\u2019s other segments. The Executive Board conducts regular reviews of the operating segment\u2019s results to reach decisions on the resources to be allocated to the segment and to assess its performance, whereby separate financial information for each operating segment is available. In accordance with IFRS 8, the Company also discloses general and entity-wide information, including information about geographical areas and major customers of the Group as a whole. More information on the reportable segments is provided in note 19", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSegmentReportingExplanatory", "language": "en", "entity": "scheme:724500IGR5FBK0RLZI29", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-455": { "value": "New standards and interpretations The following amendment to standards became effective, and have been endorsed by the European Union, for annual periods beginning on or after 1 January 2025 and therefore apply to the year ended 31 December 2025: \u25a0 Amendments to IAS 21 - Lack of exchangeability This amendment does not have a significant impact on the Group\u2019s consolidated financial statements. The following standards or interpretations published by the International Accounting Standards Board (IASB) and the International Financial Reporting Interpretations Committee (IFRIC) are not effective at 31 December 2025: \u25a0 IFRS 18 - Presentation and disclosure in financial statements; \u25a0 IFRS 19 - Subsidiaries without Public Accountability; \u25a0 Amendments to IFRS 9 and IFRS 7- Classification and Measurement of Financial Instruments; \u25a0 Amendments to IFRS 10 and IAS 28 - Sale or Contribution of Assets between an Investor and its Associate or Joint Venture. \u25a0 Amendments to IAS 21 - Translation to a Hyperinflationary Presentation Currency The new standards and amendments to standards that are not yet effective are expected to have no significant impact on the Group\u2019s consolidated financial statements, except for IFRS 18. This standard provides additional requirements for the classification of the income statement as well as additional disclosure requirements for management-defined performance measures. The classification of the income statement will be amended in 2027", "dimensions": { "concept": "ifrs-full:DisclosureOfChangesInAccountingPoliciesExplanatory", "language": "en", "entity": "scheme:724500IGR5FBK0RLZI29", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-456": { "value": "
Fair values
Measurement of fair value
Several of the Group\u2019s accounting policies, as well as the information supplied by the Group, require the fair value of both financial and non-financial
assets and liabilities to be determined. For valuation and information supplied, the fair value is measured using the methods below. Where applicable,
more detailed information on the basis of the fair value measurement is disclosed in the specific notes on the asset or liability in question. The principal
methods and assumptions used in estimating the fair value of financial instruments included in the summary are given below.
Property, plant and equipment
The fair value of property, plant and equipment recognized as a result of a business combination is based on market value in use. The market value of
property is the estimated amount for which the property in question could be exchanged on the valuation date between a buyer and seller in an arm\u2019s
length transaction, in which both parties have acted knowledgeably, prudently and without compulsion. The market value of other items of property,
plant and equipment is based on the quoted market prices of comparable assets and goods.
Intangible assets
The fair value of patents and trademarks acquired as part of a business combination is measured on the basis of the discounted estimated royalties that
have been avoided through ownership of the patent or trademark. The fair value of customer relationships acquired in a business combination is based
on the excess earnings method over multiple periods, valuing the asset in question by deducting a real return on all other assets which in total create
the related cash flows. The fair value of other intangible assets is based on the expected discounted value of the cash flows from the use and ultimate
sale of these assets.
Lease liabilities
The fair value is estimated on the basis of the present value of future cash flows, discounted at the interest rate for lease contracts of a similar nature.
The estimated fair value reflects movements in interest rates.
Inventories
The fair value of inventories acquired as part of a business combination is determined on the basis of the estimated selling price as part of normal
business operations, less the estimated costs of completion and the selling costs, plus a reasonable profit margin that reflects the completion and sales
effort.
Trade and other receivables/trade and other payables
The face value of receivables and liabilities falling due within one year is regarded as a reflection of their fair value. The fair value of all other receivables
and liabilities is measured on the basis of present value. The discount factor is based on the risk-free interest rate of the same duration as the receivable
and/or payable, plus a credit mark-up reflecting the credit worthiness of the Group.
Interest-bearing loans
The fair value is calculated on the basis of the present value of future repayments of principal and interest at the prevailing market rate of interest,
supplemented by a credit mark-up reflecting the credit worthiness of the Group.
Derivatives
The fair value of derivatives is based on the present value of the contractual cash flows for the remaining term based on a risk-free interest rate.
Non-derivative financial liabilities
The fair value of non-derivative financial liabilities is determined from information supplied and is based on the present value of future repayments
of principal and interest, discounted at a risk-free rate, and a margin based on the credit worthiness of the Group on the reporting date.
Contingent consideration
The fair value of contingent considerations arising in a business combination is calculated using the income approach based on the expected payment
amounts and their associated probabilities. If appropriate, it is discounted to present value.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFairValueMeasurementExplanatory", "language": "en", "entity": "scheme:724500IGR5FBK0RLZI29", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-457": { "value": "
Financial risk management
The Group has exposure to the following risks from its use of financial instruments:
\u25a0 credit risk;
\u25a0 liquidity risk;
\u25a0 market risk.
This section provides general information about the Group\u2019s exposure to each of the above risks in the course of its normal business operations,
the Group\u2019s objectives, policies and processes for measuring and managing risk, and the Group\u2019s management of capital. Further quantitative
disclosures are included in the financial instrument section in these consolidated financial statements.
The Executive Board bears the ultimate responsibility for the organization and control of the Group\u2019s risk management framework. The Group\u2019s risk
policy is designed to identify and analyse the risks confronting the Group, implement appropriate risk limits and control measures, and monitor the risks
and compliance with the limits. The risk management policy and systems are evaluated at regular intervals and, if necessary, adapted to accommodate
changes in market conditions and the Group\u2019s operations.
The Company\u2019s Supervisory Board supervises compliance with the Group\u2019s risk management policy and procedures.
For a more detailed description of risk management and the position of financial risk management in the Group\u2019s framework, see the \u2018\u2018Risk
Management\u2019\u2019 section on page 31.
Credit risk Credit risk is the risk of financial loss to the Group in the event that a customer or counterparty to a financial instrument fails to meet its contractual obligations. Credit risks arise primarily from accounts receivable, derivative transactions concluded with banks, and cash positions and deposits held with banks. The Group continually monitors the credit risk within the Group. The Group does not normally require collateral for trade and other receivables or financial assets. The credit policy includes an assessment of the creditworthiness of every new major customer before offering payment and delivery terms. This assessment includes external credit ratings or reports if they are available. The creditworthiness of major customers is actively monitored on an ongoing basis. The Group recognizes impairment provisions of an amount equal to the estimated losses on trade and other receivables and other investments. The main component of this provision comprises specific provisions for losses on individual accounts of material significance. Credit concentration risk The geographical credit risk from the Group\u2019s direct customers is largely concentrated in Germany. However, as the Group\u2019s most important customers in the various segments of the German market are multinational or global players, this reduces the Group\u2019s dependency on the German market. More details on credit concentration risk can be found in note 15. Investments and financial instruments The Group currently does not invest in debt securities. Cash positions and exposure to the financial instruments of financial counterparties are monitored actively. The Group\u2019s main financial counterparties are well-established banks with good creditworthiness. The cash in bank accounts at other than the core-relationship banks is maintained at the minimum level required for the operations of the Group\u2019s companies. Liquidity risk The liquidity risk is the risk that the Group is unable to meet its financial obligations at the required time. Liquidity risk management is based on the maintenance of sufficient liquidity in the form of unused (committed) credit facilities or cash to meet present and future financial obligations in normal and adverse circumstances. A summary of the credit lines available to the Group is disclosed in note 11 of these consolidated financial statements. The majority of the available facilities are provided by a syndicate of lenders consisting of HSBC and ING Bank on an equal basis. The Group had approximately EUR 109 million available in cash and undrawn facilities on the financial position date.
Market risk
The market risk is the risk of the deterioration of the Group\u2019s income due to movements in market prices, such as those relating to exchange rates
and interest rates. The management of market risk exposure is intended to keep the market risk position within acceptable limits.
Derivatives are used to manage specific market risks. These transactions are carried out within the treasury framework adopted by the Executive Board. If necessary, the Group uses hedge accounting to manage volatility in the statement of comprehensive income. Interest rate risk Pursuant to the Group\u2019s policy more than 50% of the exposure to changes in interest rates on borrowings is maintained on a fixed rate basis, taking into account any assets with exposure to changes in interest rates and expected short-term free cash flows. The policy is implemented by making use of derivative financial instruments such as interest rate swaps and interest rate options. The Group has currently outstanding interest swap contracts with a total underlying notional value of EUR 50 million in order to reduce interest rate risk exposure to increasing market rates. EUR 25 million matures in 2026 and EUR 25 million in 2027. Currency risk The Group is exposed to exchange rate risks on sales, purchases, equity positions and loans expressed in currencies other than the euro. The Group companies are primarily financed in their own currency. The majority of the revenues and costs of the Group companies are realized in the euro zone. Sales outside the euro zone are partly generated locally and partly through exports from the euro zone. Most of these exports are realized in euros. Other currencies are actively monitored and where needed exposure is hedged, however less structural exposure is identified. The Group also actively hedges intercompany loans in foreign currencies with currency forwards, swaps or back-to-back loans in the same foreign currency. Pursuant to the Group\u2019s policy for other monetary assets and liabilities denominated in a foreign currency, net exposure is maintained at an acceptable level by buying or selling foreign currencies at spot rates as required to correct short-term imbalances. The Group\u2019s policy stipulates that, in principle, equity investments and other translation exposures are not hedged. Other price risks Steel, copper and rare earth metals used in permanent magnets are the most important commodities for the Group. Copper constitutes the Group\u2019s main direct exposure to raw material price risks, since copper wire is an important component of electromagnets. Pursuant to the Group\u2019s policy, the sensitivity to copper prices is actively reduced both by concluding fixed-price purchase contracts in the normal course of business with copper wire suppliers and by including raw material clauses in sales contracts. As the need arises the Group can also conclude derivative financial instrument contracts with financial counterparties to hedge the copper risk. No financial derivative contracts for raw materials were outstanding at the balance sheet date. The Group is also exposed to risks associated with rare earth metals such as neodymium, a component of permanent magnets, which are used in some of the Group\u2019s products. Prices of these commodities have shown significant volatility in the past. The Group closely monitors developments in this market and has increased stock levels and the number of supply sources for these permanent magnets. Furthermore, agreements have been made with customers representing the majority of the sales volume in this context, to link sales prices to movements in permanent magnet prices. The Group is mainly indirectly exposed to raw material price risks relating to oil and steel, primarily as part of the purchase prices of machined components. This exposure is monitored and, if feasible, reduced by means of raw material clauses with customers and by concluding fixed-price agreements with suppliers for periods of between six and twelve months. The Kendrion steel contracts also partly govern the purchasing from component suppliers. Raw materials are purchased separately by each business unit, but in accordance with the group policy reviewed periodically with the objective of further increasing and sharing knowledge on commodities and commodity markets between business units, reducing risks and/or prices. Capital management The Executive Board\u2019s policy is designed to maintain a strong capital gearing to retain the confidence of investors, creditors and the markets, and to safeguard the future development of the business activities. The Executive Board monitors the return on equity, which the Group defines as the net operating result divided by shareholders\u2019 equity, excluding minority interests. The Executive Board also monitors the level of dividend distributed to ordinary shareholders. The Executive Board seeks to strike a balance between a higher return that would be achievable with a higher level of borrowed capital and the benefits and security of sound capital gearing. Kendrion intends to distribute an annual dividend of at least 50% of normalized net profit before amortization, taking into consideration the amount of net profit to be retained to support the medium and long-term strategic plans of the company and to maintain a minimum solvency of 35%. Neither the Company nor its subsidiaries are subject to any externally imposed capital requirements beyond those stipulated by law. ", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialRiskManagementExplanatory", "language": "en", "entity": "scheme:724500IGR5FBK0RLZI29", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-458": { "value": "Credit risk Credit risk is the risk of financial loss to the Group in the event that a customer or counterparty to a financial instrument fails to meet its contractual obligations. Credit risks arise primarily from accounts receivable, derivative transactions concluded with banks, and cash positions and deposits held with banks. The Group continually monitors the credit risk within the Group. The Group does not normally require collateral for trade and other receivables or financial assets. The credit policy includes an assessment of the creditworthiness of every new major customer before offering payment and delivery terms. This assessment includes external credit ratings or reports if they are available. The creditworthiness of major customers is actively monitored on an ongoing basis. The Group recognizes impairment provisions of an amount equal to the estimated losses on trade and other receivables and other investments. The main component of this provision comprises specific provisions for losses on individual accounts of material significance. Credit concentration risk The geographical credit risk from the Group\u2019s direct customers is largely concentrated in Germany. However, as the Group\u2019s most important customers in the various segments of the German market are multinational or global players, this reduces the Group\u2019s dependency on the German market. More details on credit concentration risk can be found in note 15. Investments and financial instruments The Group currently does not invest in debt securities. Cash positions and exposure to the financial instruments of financial counterparties are monitored actively. The Group\u2019s main financial counterparties are well-established banks with good creditworthiness. The cash in bank accounts at other than the core-relationship banks is maintained at the minimum level required for the operations of the Group\u2019s companies. Capital management The Executive Board\u2019s policy is designed to maintain a strong capital gearing to retain the confidence of investors, creditors and the markets, and to safeguard the future development of the business activities. The Executive Board monitors the return on equity, which the Group defines as the net operating result divided by shareholders\u2019 equity, excluding minority interests. The Executive Board also monitors the level of dividend distributed to ordinary shareholders. The Executive Board seeks to strike a balance between a higher return that would be achievable with a higher level of borrowed capital and the benefits and security of sound capital gearing. Kendrion intends to distribute an annual dividend of at least 50% of normalized net profit before amortization, taking into consideration the amount of net profit to be retained to support the medium and long-term strategic plans of the company and to maintain a minimum solvency of 35%. Neither the Company nor its subsidiaries are subject to any externally imposed capital requirements beyond those stipulated by law. Financial instruments Credit risk The carrying amount of the financial assets represents the maximum credit risk. The maximum credit risk on the reporting date was as follows:
EUR million
2025
2024
Cash and cash equivalents
29.4
8.5
Other long-term investments
1.2
0.2
Trade and other receivables
23.6
58.6
Total
54.2
67.3
", "dimensions": { "concept": "ifrs-full:DisclosureOfCreditRiskExplanatory", "language": "en", "entity": "scheme:724500IGR5FBK0RLZI29", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-459": { "value": "Liquidity risk The liquidity risk is the risk that the Group is unable to meet its financial obligations at the required time. Liquidity risk management is based on the maintenance of sufficient liquidity in the form of unused (committed) credit facilities or cash to meet present and future financial obligations in normal and adverse circumstances. A summary of the credit lines available to the Group is disclosed in note 11 of these consolidated financial statements. The majority of the available facilities are provided by a syndicate of lenders consisting of HSBC and ING Bank on an equal basis. The Group had approximately EUR 109 million available in cash and undrawn facilities on the financial position date.
Liquidity risk
The liquidity risk is the risk that the Group is unable to meet its financial obligations at the required time. Liquidity risk management is based on the
maintenance of sufficient liquidity in the form of unused (committed) credit facilities or cash to meet present and future financial obligations in normal and
adverse circumstances.
The contractual terms of the financial obligations, including the estimated interest payments and repayment obligations, are set out on the next page.
31 December 2025 Carrying Contractual
EUR million amount
cash flows
0 \u2013 6 months
6 \u2013 12 months
1 \u2013 2 years
2 \u2013 5 years
\u203a 5 years
Non-derivative financial liabilities
Bank syndicate loans
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
Schuldschein loans
(52.4)
(54.9)
(0.9)
(0.9)
(53.1)
\u2013
\u2013
Lease liabilities
(6.7)
(7.4)
(1.0)
(1.0)
(1.6)
(3.5)
(0.3)
Bank overdrafts
0.0
0.0
\u2013
\u2013
\u2013
\u2013
\u2013
Other loans and borrowings
(0.6)
(0.6)
(0.3)
(0.3)
\u2013
\u2013
\u2013
Trade and other payables
(33.7)
(33.7)
(33.7)
\u2013
\u2013
\u2013
\u2013
Derivative financial assets / liabilities
Interest rate swap contracts
(0.2)
(0.3)
(0.3)
(0.0)
(0.0)
\u2013
\u2013
Forward exchange contracts
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
Total
(93.6)
(96.9)
(36.2)
(2.2)
(54.7)
(3.5)
(0.3)
31 December 2024 Carrying Contractual
EUR million amount
cash flows
0 \u2013 6 months
6 \u2013 12 months
1 \u2013 2 years
2 \u2013 5 years
\u203a 5 years
Non-derivative financial liabilities
Bank syndicate loans
(13.1)
(14.4)
(0.3)
(0.3)
(0.6)
(13.2)
\u2013
Schuldschein loans
(72.2)
(80.2)
(21.3)
(1.0)
(2.0)
(55.9)
\u2013
Lease liabilities
(7.9)
(9.1)
(1.1)
(1.1)
(2.0)
(4.2)
(0.7)
Bank overdrafts
(1.7)
(1.7)
(1.7)
\u2013
\u2013
\u2013
\u2013
Other loans and borrowings
(17.0)
(17.7)
(2.2)
(8.5)
(2.5)
(3.9)
(0.6)
Trade and other payables
(58.9)
(58.9)
(58.9)
\u2013
\u2013
\u2013
\u2013
Derivative financial assets / liabilities
Interest rate swap contracts
0.2
(0.0)
0.1
(0.1)
(0.0)
0.0
\u2013
Forward exchange contracts
0.0
0.0
0.0
\u2013
\u2013
\u2013
\u2013
Total
(170.6)
(182.0)
(85.4)
(11.0)
(7.1)
(77.2)
(1.3)
It is not expected that the cash flows included in the maturity analysis should occur significantly earlier, or at significantly different amounts.
Within the scope of the Group\u2019s risk management the Group has hedged the currency and interest risks with derivatives. The interest rate swaps have
been designated as cash flow hedges.
", "dimensions": { "concept": "ifrs-full:DisclosureOfLiquidityRiskExplanatory", "language": "en", "entity": "scheme:724500IGR5FBK0RLZI29", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-460": { "value": "Market risk The market risk is the risk of the deterioration of the Group\u2019s income due to movements in market prices, such as those relating to exchange rates and interest rates. The management of market risk exposure is intended to keep the market risk position within acceptable limits. Derivatives are used to manage specific market risks. These transactions are carried out within the treasury framework adopted by the Executive Board. If necessary, the Group uses hedge accounting to manage volatility in the statement of comprehensive income. Interest rate risk Pursuant to the Group\u2019s policy more than 50% of the exposure to changes in interest rates on borrowings is maintained on a fixed rate basis, taking into account any assets with exposure to changes in interest rates and expected short-term free cash flows. The policy is implemented by making use of derivative financial instruments such as interest rate swaps and interest rate options. The Group has currently outstanding interest swap contracts with a total underlying notional value of EUR 50 million in order to reduce interest rate risk exposure to increasing market rates. EUR 25 million matures in 2026 and EUR 25 million in 2027. Currency risk The Group is exposed to exchange rate risks on sales, purchases, equity positions and loans expressed in currencies other than the euro. The Group companies are primarily financed in their own currency. The majority of the revenues and costs of the Group companies are realized in the euro zone. Sales outside the euro zone are partly generated locally and partly through exports from the euro zone. Most of these exports are realized in euros. Other currencies are actively monitored and where needed exposure is hedged, however less structural exposure is identified. The Group also actively hedges intercompany loans in foreign currencies with currency forwards, swaps or back-to-back loans in the same foreign currency. Pursuant to the Group\u2019s policy for other monetary assets and liabilities denominated in a foreign currency, net exposure is maintained at an acceptable level by buying or selling foreign currencies at spot rates as required to correct short-term imbalances. The Group\u2019s policy stipulates that, in principle, equity investments and other translation exposures are not hedged. Other price risks Steel, copper and rare earth metals used in permanent magnets are the most important commodities for the Group. Copper constitutes the Group\u2019s main direct exposure to raw material price risks, since copper wire is an important component of electromagnets. Pursuant to the Group\u2019s policy, the sensitivity to copper prices is actively reduced both by concluding fixed-price purchase contracts in the normal course of business with copper wire suppliers and by including raw material clauses in sales contracts. As the need arises the Group can also conclude derivative financial instrument contracts with financial counterparties to hedge the copper risk. No financial derivative contracts for raw materials were outstanding at the balance sheet date.
The Group is also exposed to risks associated with rare earth metals such as neodymium, a component of permanent magnets, which are used
in some of the Group\u2019s products. Prices of these commodities have shown significant volatility in the past. The Group closely monitors developments
in this market and has increased stock levels and the number of supply sources for these permanent magnets.
Furthermore, agreements have been made with customers representing the majority of the sales volume in this context, to link sales prices to movements in permanent magnet prices. The Group is mainly indirectly exposed to raw material price risks relating to oil and steel, primarily as part of the purchase prices of machined components. This exposure is monitored and, if feasible, reduced by means of raw material clauses with customers and by concluding fixed-price agreements with suppliers for periods of between six and twelve months. The Kendrion steel contracts also partly govern the purchasing from component suppliers. Raw materials are purchased separately by each business unit, but in accordance with the group policy reviewed periodically with the objective of further increasing and sharing knowledge on commodities and commodity markets between business units, reducing risks and/or prices. A 10%-point appreciation of the currencies listed hereafter against the euro would increase shareholders\u2019 equity as at 31 December 2025 and the result for 2025 by the amounts shown in the following table. A 10%-point depreciation of the listed currencies against the euro would have had the opposite effect on the result and equity
31 December 2025
Equity
Result
US dollar
1.6
0.1
Chinese yuan
(0.1)
(0.0)
Romanian lei
1.5
0.3
Indian rupee
0.3
0.1
31 December 2024
Equity
Result
US dollar
1.1
(0.3)
Chinese yuan
4.8
0.1
Romanian lei
1.2
(0.1)
Indian rupee
0.2
(0.1)
Principal exchange rates during the reporting period were as follows: Applicable currency rates
Value of EUR
At 31 December 2025
At 31 December 2024
Average over 2025
Chinese yuan
8.2262
7.5833
8.0576
US dollar
1.1750
1.0389
1.1218
Romanian lei
5.0968
4.9743
5.0399
Swedish krona
10.8215
11.4590
11.0692
Indian rupee
105.5966
88.9363
97.7422
", "dimensions": { "concept": "ifrs-full:DisclosureOfMarketRiskExplanatory", "language": "en", "entity": "scheme:724500IGR5FBK0RLZI29", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-461": { "value": "
Capital management
The Executive Board\u2019s policy is designed to maintain a strong capital gearing to retain the confidence of investors, creditors and the markets,
and to safeguard the future development of the business activities. The Executive Board monitors the return on equity, which the Group defines
as the net operating result divided by shareholders\u2019 equity, excluding minority interests. The Executive Board also monitors the level of dividend
distributed to ordinary shareholders.
The Executive Board seeks to strike a balance between a higher return that would be achievable with a higher level of borrowed capital and
the benefits and security of sound capital gearing.
Kendrion intends to distribute an annual dividend of at least 50% of normalized net profit before amortization, taking into consideration the amount of
net profit to be retained to support the medium and long-term strategic plans of the company and to maintain a minimum solvency of 35%.
Neither the Company nor its subsidiaries are subject to any externally imposed capital requirements beyond those stipulated by law.
", "dimensions": { "concept": "ifrs-full:DisclosureOfObjectivesPoliciesAndProcessesForManagingCapitalExplanatory", "language": "en", "entity": "scheme:724500IGR5FBK0RLZI29", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-462": { "value": "Government Grants Grants that compensate the Group for expenses incurred are recognized in profit or loss as deduction on the related expense on a systematic basis in the periods in which the expenses are recognized, unless the conditions for receiving the grant are met after the related expenses have been recognized. In this case, the grant is recognized when it becomes receivable", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForGovernmentGrants", "language": "en", "entity": "scheme:724500IGR5FBK0RLZI29", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-463": { "value": "
Property, plant and equipment
EUR million
2025
2024
Property plant and equipment owned
46.6
89.0
Property plant and equipment right-of-use assets
5.8
7.0
Total
52.4
96.0
Property, plant and equipment owned Land and Plant and Other fixed Under
EUR million buildings equipment assets
construction
Total
Balance as at 1 January 2024
Costs
95.7
181.6
74.6
15.9
367.8
Accumulated depreciation and impairment losses
(39.9)
(141.7)
(59.8)
(4.4)
(245.8)
Carrying amount as at 1 January 2024
55.8
39.9
14.8
11.5
122.0
Purchases
0.3
2.0
2.6
4.8
9.7
Disposals
(0.0)
(0.0)
(0.0)
(0.0)
(0.0)
Transfers
0.0
6.0
0.7
(6.7)
\u2013
Currency translation differences
0.9
0.2
0.1
0.2
1.4
Divestments cost value
A
(8.7)
(129.9)
(20.5)
(0.9)
(160.0)
Depreciation for the year
(3.1)
(6.6)
(3.6)
(0.1)
(13.4)
Impairments
\u2013
\u2013
(0.0)
(0.1)
(0.1)
Divestments accumulated amortization and impairment losses
A
0.7
110.4
18.3
0.0
129.4
Carrying amount as at 31 December 2024
45.9
22.0
12.4
8.7
89.0
Costs
88.2
59.9
57.5
13.3
218.9
Accumulated depreciation and impairment losses
(42.3)
(37.9)
(45.1)
(4.6)
(129.9)
Carrying amount as at 31 December 2024
45.9
22.0
12.4
8.7
89.0
1 A Refer to note 8 Assets held for sale and discontinued operations for more information on the divestment
Property, plant and equipment owned Land and Plant and Other fixed Under
EUR million buildings equipment assets
construction
Total
Balance as at 1 January 2025
Costs
88.2
59.9
57.5
13.3
218.9
Accumulated depreciation and impairment losses
(42.3)
(37.9)
(45.1)
(4.6)
(129.9)
Carrying amount as at 1 January 2025
45.9
22.0
12.4
8.7
89.0
Purchases
0.8
1.9
1.8
1.7
6.2
Disposals
(0.0)
(0.8)
(0.1)
(0.1)
(1.0)
Transfers
A
1.6
0.9
1.3
(1.9)
1.9
Currency translation differences
(2.2)
(0.8)
(0.2)
(0.4)
(3.6)
Divestments cost value
A
(26.8)
(12.3)
(5.6)
(7.4)
(52.1)
Depreciation for the year
(1.8)
(5.3)
(3.7)
(0.0)
(10.8)
Impairments
(0.0)
(0.0)
(0.0)
-
(0.0)
Divestments accumulated amortization and impairment losses
A
3.6
6.3
3.1
4.0
17.0
Carrying amount as at 31 December 2025
21.1
11.9
9.0
4.6
46.6
Costs
56.4
50.3
50.9
6.1
163.7
Accumulated depreciation and impairment losses
(35.3)
(38.4)
(41.9)
(1.5)
(117.1)
Carrying amount as at 31 December 2025
21.1
11.9
9.0
4.6
46.6
A Refer to note 8 Assets held for sale and discontinued operations for more information on the divestment and the transfer of assets from held for sale to property
Right-of-use assets Land and Plant and Other fixed Under
EUR million buildings equipment assets
construction
Total
Balance as at 1 January 2024
Costs
24.7
0.2
5.1
\u2013
30.0
Accumulated depreciation and impairment losses
(13.2)
(0.2)
(4.1)
\u2013
(17.5)
Carrying amount as at 1 January 2024
11.5
0.0
1.0
\u2013
12.5
Purchases
0.1
\u2013
0.3
\u2013
0.4
Disposals
(0.5)
\u2013
(0.0)
\u2013
(0.5)
Currency translation differences
0.0
\u2013
0.0
\u2013
0.0
Divestments cost value
A
(15.2)
(0.2)
(4.6)
\u2013
(20.0)
Depreciation for the year
(1.7)
\u2013
(0.3)
\u2013
(2.0)
Divestments accumulated amortization and impairment losses
A
12.3
0.2
4.1
\u2013
16.6
Carrying amount as at 31 December 2024
6.5
\u2013
0.5
\u2013
7.0
Costs
9.1
\u2013
0.8
\u2013
9.9
Accumulated depreciation and impairment losses
(2.6)
\u2013
(0.3)
\u2013
(2.9)
Carrying amount as at 31 December 2024
6.5
\u2013
0.5
\u2013
7.0
Balance as at 1 January 2025
Costs
9.1
-
0.8
-
9.9
Accumulated depreciation and impairment losses
(2.6)
-
(0.3)
-
(2.9)
Carrying amount as at 1 January 2025
6.5
-
0.5
-
7.0
Purchases
0.5
-
1.0
-
1.5
Disposals
(0.2)
-
(0.0)
-
(0.2)
Currency translation differences
(0.1)
-
(0.0)
-
(0.1)
Depreciation for the year
(1.6)
-
(0.8)
-
(2.4)
Carrying amount as at 31 December 2025
5.1
-
0.7
-
5.8
Costs
9.3
-
1.8
-
11.1
Accumulated depreciation and impairment losses
(4.2)
-
(1.1)
-
(5.3)
Carrying amount as at 31 December 2025
5.1
-
0.7
-
5.8
A Refer to note 8 Assets held for sale and discontinued operations for more information on the divestment The estimated useful lives of the property. plant and equipment are as follows: Buildings 10 \u2013 30 years Plant and equipment 5 \u2013 10 years Other fixed assets 3 \u2013 7 years The Executive Board reviews at each reporting period the estimated useful lives of each asset with a definite useful life. Depreciation of EUR 10.9 million (2024: EUR 10.0 million) is recognized in Depreciation and amortization and EUR 2.3 million (2024: EUR 5.4 million) is included in Profit/ Loss after tax from discontinued operations in the consolidated statement of profit and loss and other comprehensive income. Impairments of EUR 0.0 million (2024: EUR 0.1 million) are recorded in Impairments of fixed assets in the consolidated statement of profit and loss and other comprehensive income ", "dimensions": { "concept": "ifrs-full:DisclosureOfPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:724500IGR5FBK0RLZI29", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-464": { "value": "
Right-of-use assets Land and Plant and Other fixed Under
EUR million buildings equipment assets
construction
Total
Balance as at 1 January 2024
Costs
24.7
0.2
5.1
\u2013
30.0
Accumulated depreciation and impairment losses
(13.2)
(0.2)
(4.1)
\u2013
(17.5)
Carrying amount as at 1 January 2024
11.5
0.0
1.0
\u2013
12.5
Purchases
0.1
\u2013
0.3
\u2013
0.4
Disposals
(0.5)
\u2013
(0.0)
\u2013
(0.5)
Currency translation differences
0.0
\u2013
0.0
\u2013
0.0
Divestments cost value
A
(15.2)
(0.2)
(4.6)
\u2013
(20.0)
Depreciation for the year
(1.7)
\u2013
(0.3)
\u2013
(2.0)
Divestments accumulated amortization and impairment losses
A
12.3
0.2
4.1
\u2013
16.6
Carrying amount as at 31 December 2024
6.5
\u2013
0.5
\u2013
7.0
Costs
9.1
\u2013
0.8
\u2013
9.9
Accumulated depreciation and impairment losses
(2.6)
\u2013
(0.3)
\u2013
(2.9)
Carrying amount as at 31 December 2024
6.5
\u2013
0.5
\u2013
7.0
Balance as at 1 January 2025
Costs
9.1
-
0.8
-
9.9
Accumulated depreciation and impairment losses
(2.6)
-
(0.3)
-
(2.9)
Carrying amount as at 1 January 2025
6.5
-
0.5
-
7.0
Purchases
0.5
-
1.0
-
1.5
Disposals
(0.2)
-
(0.0)
-
(0.2)
Currency translation differences
(0.1)
-
(0.0)
-
(0.1)
Depreciation for the year
(1.6)
-
(0.8)
-
(2.4)
Carrying amount as at 31 December 2025
5.1
-
0.7
-
5.8
Costs
9.3
-
1.8
-
11.1
Accumulated depreciation and impairment losses
(4.2)
-
(1.1)
-
(5.3)
Carrying amount as at 31 December 2025
5.1
-
0.7
-
5.8
Lease liabilities
The lease liabilities are payable as follows:
EUR million
2025
2024
< 1 year
1.8
2.2
1 - 5 years
4.9
5.6
> 5 years
\u2212
0.1
6.7
7.9
The lease liabilities mostly relate to leases for various buildings & vehicles.
Buildings
The Group leases properties for its offices and manufacturing facilities. Some lease arrangements contain conditions to revise the rentals based on
changes of indices. The leases have an initial term between 3 and 15 years. Majority of the leases include an option to renew the lease for an additional
period after the contract term. Key assumption as applied by the Group is that all renewal options, which can be exercised within the mid-term plan
period of five years and reasonably certain to be exercised, are taken into consideration on top of the non-cancellable period of the lease.
Vehicles and equipment
The Group leases equipment with terms of two to five years. Based on experience the likelihood that these lease arrangements are extended for
a substantial period (> three months) is remote. Due to this no periods after the non-cancellable period of the lease are taken into consideration.
Leases
The Group leases buildings, cars, office equipment and forklifts. The lease term varies between 3 to 15 years. For buildings an option to renew the lease
after the lease period is customary. Information about leases for which the Group is a lessee is presented on several places throughout the financial
statements:
\u25a0 total cash outflow for leases is included in the consolidated statement of cash flows for repayments of lease liabilities EUR 2.4 million
(2024: EUR 3.0 million) for interest EUR 0.5 million (2024: EUR 0.5 million);
\u25a0 the carrying amount of right-of-use assets at the end of the reporting period by class of underlying assets, additions to these assets and
the depreciation charge for these assets are included in note 1;
\u25a0 lease liabilities are included in note 11 and interest expense on lease liabilities are included in note 23;
\u25a0 expenses relating to short-term leases or low-value assets amount to EUR 0.1 million (2024: EUR 0.2 million).
", "dimensions": { "concept": "ifrs-full:DisclosureOfLeasesExplanatory", "language": "en", "entity": "scheme:724500IGR5FBK0RLZI29", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-465": { "value": "The Executive Board reviews at each reporting period the estimated useful lives of each asset with a definite useful life. Depreciation of EUR 10.9 million (2024: EUR 10.0 million) is recognized in Depreciation and amortization and EUR 2.3 million (2024: EUR 5.4 million) is included in Profit/ Loss after tax from discontinued operations in the consolidated statement of profit and loss and other comprehensive income.
Amortization of EUR 4.1 million (2024: EUR 6.0 million) is recognized in Depreciation and amortization and EUR 0.2 million is included in Profit/ Loss
after tax from discontinued operations in the consolidated statement of profit and loss and other comprehensive income (2024: EUR 0.5 million). Note
that for Cash Flow Statement purposes the amortization of software, capitalized development costs and concessions is added to the line \u2018Depreciation
of property, plant and equipment and software\u2019.
", "dimensions": { "concept": "ifrs-full:DisclosureOfDepreciationAndAmortisationExpenseExplanatory", "language": "en", "entity": "scheme:724500IGR5FBK0RLZI29", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-466": { "value": "Impairments of EUR 0.0 million (2024: EUR 0.1 million) are recorded in Impairments of fixed assets in the consolidated statement of profit and loss and other comprehensive income .
Impairment testing for groups of cash-generating units containing goodwill
For the purposes of impairment testing, goodwill has been allocated to groups of CGUs, which reflect the level on which goodwill is monitored.
Goodwill EUR million
2025
2024
Industrial Actuators and Controls (IAC)
37.7
39.8
Industrial Brakes (IB)
32.4
33.8
Mobility
1.0
2.9
71.1
76.5
", "dimensions": { "concept": "ifrs-full:DisclosureOfImpairmentOfAssetsExplanatory", "language": "en", "entity": "scheme:724500IGR5FBK0RLZI29", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-467": { "value": "
Intangible assets
Development
EUR million
Goodwill
costs
Software
Concessions
Other
Total
Balance as at 1 January 2024
Costs
135.2
16.3
36.0
1.0
75.4
263.9
Accumulated amortization and impairment losses
(54.7)
(7.0)
(28.2)
(0.1)
(48.1)
(138.1)
Carrying amount as at 1 January 2024
80.5
9.3
7.8
0.9
27.3
125.8
Purchases
\u2013
0.7
3.4
\u2013
\u2013
4.1
Disposals
\u2013
\u2013
(0.2)
\u2013
\u2013
(0.2)
Currency translation differences
0.4
0.0
0.0
0.0
\u2013
0.4
Divestments cost value
A
(59.1)
(5.7)
(2.4)
\u2013
(28.9)
(96.1)
Amortization for the year
\u2013
(1.1)
(1.7)
(0.0)
(3.2)
(6.0)
Impairment
\u2013
(3.4)
(2.6)
\u2013
\u2013
(6.0)
Divestments accumulated amortization and impairment losses
A
54.7
4.9
2.3
\u2013
28.9
90.8
Carrying amount as at 31 December 2024
76.5
4.7
6.6
0.9
24.1
112.8
Costs
76.5
11.3
36.8
1.0
46.5
172.1
Accumulated amortization and impairment losses
\u2013
(6.6)
(30.2)
(0.1)
(22.4)
(59.3)
Carrying amount as at 31 December 2024
76.5
4.7
6.6
0.9
24.1
112.8
Balance as at 1 January 2025
Costs
76.5
11.3
36.8
1.0
46.5
172.1
Accumulated amortization and impairment losses
\u2013
(6.6)
(30.2)
(0.1)
(22.4)
(59.3)
Carrying amount as at 1 January 2025
76.5
4.7
6.6
0.9
24.1
112.8
Purchases
\u2013
0.5
3.6
\u2013
\u2013
4.0
Disposals
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
Currency translation differences
(0.9)
(0.1)
(0.0)
(0.1)
\u2013
(1.1)
Divestments cost value
A
(4.5)
(6.0)
(0.3)
(0.9)
\u2013
(11.7)
Amortization for the year
\u2013
(0.5)
(1.5)
(0.0)
(2.3)
(4.3)
Impairment
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
Divestments accumulated amortization and impairment losses
A
\u2013
4.2
0.2
0.1
\u2013
4.5
Carrying amount as at 31 December 2025
71.1
2.8
8.6
\u2013
21.8
104.3
Costs
71.1
4.0
36.9
\u2013
34.7
146.7
Accumulated amortization and impairment losses
\u2013
(1.2)
(28.3)
\u2013
(12.9)
(42.4)
Carrying amount as at 31 December 2025
71.1
2.8
8.6
\u2013
21.8
104.3
A Refer to note 8 Assets held for sale and discontinued operations for more information on the divestment Goodwill has an indefinite estimated useful life. The estimated useful life of software is between three and eight years. The estimated useful life of other intangible assets is between eight and nineteen years. The Executive Board reviews at each reporting period the estimated useful lives of each intangible asset with a definite useful life. The investments in software during 2025 of EUR 3.6 million (2024: EUR 3.4 million) mainly relate to investments related to the implementation of a new ERP system and various software upgrades. The other intangible assets mainly comprise the carrying amount of customer relationships of EUR 21.5 million (2024: EUR 23.6 million). These customer relationships were acquired through business combinations. Amortization of EUR 4.1 million (2024: EUR 6.0 million) is recognized in Depreciation and amortization and EUR 0.2 million is included in Profit/ Loss after tax from discontinued operations in the consolidated statement of profit and loss and other comprehensive income (2024: EUR 0.5 million). Note that for Cash Flow Statement purposes the amortization of software, capitalized development costs and concessions is added to the line \u2018Depreciation of property, plant and equipment and software\u2019. Impairment testing for groups of cash-generating units containing goodwill For the purposes of impairment testing, goodwill has been allocated to groups of CGUs, which reflect the level on which goodwill is monitored.
Goodwill EUR million
2025
2024
Industrial Actuators and Controls (IAC)
37.7
39.8
Industrial Brakes (IB)
32.4
33.8
Mobility
1.0
2.9
71.1
76.5
Goodwill was allocated to the divested business using the relative value approach, whereby goodwill is apportioned on a pro rata basis on fair value. Accordingly, goodwill of EUR 4.5 million was allocated to the divested business. Refer to Note 8 for further details on the divestment of the Chinese business. Key assumptions and method of quantification Pursuant to IAS 36, the Group has performed an impairment test with reference to the goodwill allocated to each group of cash-generating units. This test was carried out by discounting future cash flows (\u2018value in use\u2019) to be generated from the continuing use of the cash-generating unit to which the goodwill applies and on the assumption of an indefinite life. Impairment tests were performed as of 30 September this year, consistent with the prior year. For all groups of CGUs, the cash flows for the first five years were based on budgets and mid-term plans drawn up by the local management and approved by the Executive Board and Supervisory Board. For the subsequent years, the residual value was calculated on the basis of the results in the last year of relevant forecasts, with a terminal growth rate of 1.5% for IAC and IB and negative growth rate for Mobility taken into account.
The forecasts were based on pre-tax cash flow. The weighted average cost of capital (WACC) based on the Capital Asset Pricing Model was also
pre-tax. Expansion investments were excluded from the calculations in the residual value. The expected growth in cash flows as a result of expansion investments was also excluded. This is particularly relevant for the goodwill CGUs where significant growth is expected and strategic investments are planned. Key assumptions used in the calculation of recoverable amounts concern discount rates, terminal value growth rates, EBITDA margin growth and revenue growth. Key assumptions are based on past experience, management assessment of revenue and external sources.
Key assumptions
Pre-tax discount rate
Terminal value growth rate
2025
2024
2025
2024
Industrial Actuators and Controls (IAC)
12.9%
12.3%
1.5%
1.5%
Industrial Brakes (IB)
12.9%
12.3%
1.5%
1.5%
Mobility
17.5%
11.0%
n/a
1.0%
Discount rate In determining the pre-tax discount rate, first the post-tax average costs of capital were calculated of all cash generating units containing goodwill. The post-tax rate is based on debt leveraging compared to the market value of equity of 25%. The post-tax weighted average cost of capital rates of cash generating units amount to 10.0% to 10.1% and these rates was used for calculating the post-tax cash flows. Terminal value growth rate All cash-generating units are valued using discounted cash flow models based on five-year cash flow projections. A terminal value is calculated using a long-term growth rate in perpetuity of 1.5% for IAC and IB. The negative growth rate in Mobility relates to the gradual phase out of the existing Mobility programs that run in the Romanian electronics plant following the group\u2019s exit out of the automotive market Revenue and EBITDA margin Revenue and EBITDA margin A development for the cash generating units is based on the strategic business plans for the coming 5 years. The growth rates are based on the expectation of market developments and management\u2019s assessment of the project pipeline of the cash generating units. The average annual growth rates for revenue in the first 5 years for IB and IAC range between 5% and 6%, the total development of the EBITDA margin is in line with the long-term group target of at least 15%. Sensitivity to changes in assumptions The recoverable amounts of all cash-generating units with goodwill exceed their carrying amounts. Management has carried out an analysis of sensitivity to changes in the key assumptions. Sensitivity analyses are performed based on a change in an assumption while holding other assumptions constant. The following changes in assumptions are assessed: \u25a0 Increase of the discount rate (post-tax) by 1.0%; \u25a0 Decrease of terminal value growth rate by 1.5% for IAC and IB; \u25a0 Decrease of average revenues growth by 3.0%. Based on the sensitivity analyses performed it is concluded that any reasonable changes in the key assumptions would not require an impairment for IAC, IB and Mobility. ", "dimensions": { "concept": "ifrs-full:DisclosureOfIntangibleAssetsExplanatory", "language": "en", "entity": "scheme:724500IGR5FBK0RLZI29", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-468": { "value": "Intangible assets
Development
EUR million
Goodwill
costs
Software
Concessions
Other
Total
Balance as at 1 January 2024
Costs
135.2
16.3
36.0
1.0
75.4
263.9
Accumulated amortization and impairment losses
(54.7)
(7.0)
(28.2)
(0.1)
(48.1)
(138.1)
Carrying amount as at 1 January 2024
80.5
9.3
7.8
0.9
27.3
125.8
Purchases
\u2013
0.7
3.4
\u2013
\u2013
4.1
Disposals
\u2013
\u2013
(0.2)
\u2013
\u2013
(0.2)
Currency translation differences
0.4
0.0
0.0
0.0
\u2013
0.4
Divestments cost value
A
(59.1)
(5.7)
(2.4)
\u2013
(28.9)
(96.1)
Amortization for the year
\u2013
(1.1)
(1.7)
(0.0)
(3.2)
(6.0)
Impairment
\u2013
(3.4)
(2.6)
\u2013
\u2013
(6.0)
Divestments accumulated amortization and impairment losses
A
54.7
4.9
2.3
\u2013
28.9
90.8
Carrying amount as at 31 December 2024
76.5
4.7
6.6
0.9
24.1
112.8
Costs
76.5
11.3
36.8
1.0
46.5
172.1
Accumulated amortization and impairment losses
\u2013
(6.6)
(30.2)
(0.1)
(22.4)
(59.3)
Carrying amount as at 31 December 2024
76.5
4.7
6.6
0.9
24.1
112.8
Balance as at 1 January 2025
Costs
76.5
11.3
36.8
1.0
46.5
172.1
Accumulated amortization and impairment losses
\u2013
(6.6)
(30.2)
(0.1)
(22.4)
(59.3)
Carrying amount as at 1 January 2025
76.5
4.7
6.6
0.9
24.1
112.8
Purchases
\u2013
0.5
3.6
\u2013
\u2013
4.0
Disposals
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
Currency translation differences
(0.9)
(0.1)
(0.0)
(0.1)
\u2013
(1.1)
Divestments cost value
A
(4.5)
(6.0)
(0.3)
(0.9)
\u2013
(11.7)
Amortization for the year
\u2013
(0.5)
(1.5)
(0.0)
(2.3)
(4.3)
Impairment
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
Divestments accumulated amortization and impairment losses
A
\u2013
4.2
0.2
0.1
\u2013
4.5
Carrying amount as at 31 December 2025
71.1
2.8
8.6
\u2013
21.8
104.3
Costs
71.1
4.0
36.9
\u2013
34.7
146.7
Accumulated amortization and impairment losses
\u2013
(1.2)
(28.3)
\u2013
(12.9)
(42.4)
Carrying amount as at 31 December 2025
71.1
2.8
8.6
\u2013
21.8
104.3
A Refer to note 8 Assets held for sale and discontinued operations for more information on the divestment Goodwill has an indefinite estimated useful life. The estimated useful life of software is between three and eight years. The estimated useful life of other intangible assets is between eight and nineteen years. The Executive Board reviews at each reporting period the estimated useful lives of each intangible asset with a definite useful life. The investments in software during 2025 of EUR 3.6 million (2024: EUR 3.4 million) mainly relate to investments related to the implementation of a new ERP system and various software upgrades. The other intangible assets mainly comprise the carrying amount of customer relationships of EUR 21.5 million (2024: EUR 23.6 million). These customer relationships were acquired through business combinations. Amortization of EUR 4.1 million (2024: EUR 6.0 million) is recognized in Depreciation and amortization and EUR 0.2 million is included in Profit/ Loss after tax from discontinued operations in the consolidated statement of profit and loss and other comprehensive income (2024: EUR 0.5 million). Note that for Cash Flow Statement purposes the amortization of software, capitalized development costs and concessions is added to the line \u2018Depreciation of property, plant and equipment and software\u2019. Impairment testing for groups of cash-generating units containing goodwill For the purposes of impairment testing, goodwill has been allocated to groups of CGUs, which reflect the level on which goodwill is monitored.
Goodwill EUR million
2025
2024
Industrial Actuators and Controls (IAC)
37.7
39.8
Industrial Brakes (IB)
32.4
33.8
Mobility
1.0
2.9
71.1
76.5
Goodwill was allocated to the divested business using the relative value approach, whereby goodwill is apportioned on a pro rata basis on fair value.
Accordingly, goodwill of EUR 4.5 million was allocated to the divested business. Refer to Note 8 for further details on the divestment of the Chinese
business.
Key assumptions and method of quantification
Pursuant to IAS 36, the Group has performed an impairment test with reference to the goodwill allocated to each group of cash-generating units.
This test was carried out by discounting future cash flows (\u2018value in use\u2019) to be generated from the continuing use of the cash-generating unit to
which the goodwill applies and on the assumption of an indefinite life. Impairment tests were performed as of 30 September this year, consistent with
the prior year.
For all groups of CGUs, the cash flows for the first five years were based on budgets and mid-term plans drawn up by the local management and
approved by the Executive Board and Supervisory Board. For the subsequent years, the residual value was calculated on the basis of the results
in the last year of relevant forecasts, with a terminal growth rate of 1.5% for IAC and IB and negative growth rate for Mobility taken into account.
The forecasts were based on pre-tax cash flow. The weighted average cost of capital (WACC) based on the Capital Asset Pricing Model was also pre-tax. Expansion investments were excluded from the calculations in the residual value. The expected growth in cash flows as a result of expansion investments was also excluded. This is particularly relevant for the goodwill CGUs where significant growth is expected and strategic investments are planned. Key assumptions used in the calculation of recoverable amounts concern discount rates, terminal value growth rates, EBITDA margin growth and revenue growth. Key assumptions are based on past experience, management assessment of revenue and external sources.
Key assumptions
Pre-tax discount rate
Terminal value growth rate
2025
2024
2025
2024
Industrial Actuators and Controls (IAC)
12.9%
12.3%
1.5%
1.5%
Industrial Brakes (IB)
12.9%
12.3%
1.5%
1.5%
Mobility
17.5%
11.0%
n/a
1.0%
Discount rate In determining the pre-tax discount rate, first the post-tax average costs of capital were calculated of all cash generating units containing goodwill. The post-tax rate is based on debt leveraging compared to the market value of equity of 25%. The post-tax weighted average cost of capital rates of cash generating units amount to 10.0% to 10.1% and these rates was used for calculating the post-tax cash flows. Terminal value growth rate All cash-generating units are valued using discounted cash flow models based on five-year cash flow projections. A terminal value is calculated using a long-term growth rate in perpetuity of 1.5% for IAC and IB. The negative growth rate in Mobility relates to the gradual phase out of the existing Mobility programs that run in the Romanian electronics plant following the group\u2019s exit out of the automotive market .
Revenue and EBITDA margin
Revenue and EBITDA margin
A
development for the cash generating units is based on the strategic business plans for the coming 5 years. The growth
rates are based on the expectation of market developments and management\u2019s assessment of the project pipeline of the cash generating units.
The average annual growth rates for revenue in the first 5 years for IB and IAC range between 5% and 6%, the total development of the EBITDA margin
is in line with the long-term group target of at least 15%.
Sensitivity to changes in assumptions
The recoverable amounts of all cash-generating units with goodwill exceed their carrying amounts. Management has carried out an analysis of sensitivity
to changes in the key assumptions. Sensitivity analyses are performed based on a change in an assumption while holding other assumptions constant.
The following changes in assumptions are assessed:
\u25a0 Increase of the discount rate (post-tax) by 1.0%;
\u25a0 Decrease of terminal value growth rate by 1.5% for IAC and IB;
\u25a0 Decrease of average revenues growth by 3.0%.
Based on the sensitivity analyses performed it is concluded that any reasonable changes in the key assumptions would not require an impairment for
IAC, IB and Mobility.
A Non-IFRS financial measure. For the definition and reconciliation of the most directly comparable IFRS measure, refer to reconciliation of non-IFRS information, starting on page 219", "dimensions": { "concept": "ifrs-full:DisclosureOfIntangibleAssetsAndGoodwillExplanatory", "language": "en", "entity": "scheme:724500IGR5FBK0RLZI29", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-469": { "value": "Intangible assets
Development
EUR million
Goodwill
costs
Software
Concessions
Other
Total
Balance as at 1 January 2024
Costs
135.2
16.3
36.0
1.0
75.4
263.9
Accumulated amortization and impairment losses
(54.7)
(7.0)
(28.2)
(0.1)
(48.1)
(138.1)
Carrying amount as at 1 January 2024
80.5
9.3
7.8
0.9
27.3
125.8
Purchases
\u2013
0.7
3.4
\u2013
\u2013
4.1
Disposals
\u2013
\u2013
(0.2)
\u2013
\u2013
(0.2)
Currency translation differences
0.4
0.0
0.0
0.0
\u2013
0.4
Divestments cost value
A
(59.1)
(5.7)
(2.4)
\u2013
(28.9)
(96.1)
Amortization for the year
\u2013
(1.1)
(1.7)
(0.0)
(3.2)
(6.0)
Impairment
\u2013
(3.4)
(2.6)
\u2013
\u2013
(6.0)
Divestments accumulated amortization and impairment losses
A
54.7
4.9
2.3
\u2013
28.9
90.8
Carrying amount as at 31 December 2024
76.5
4.7
6.6
0.9
24.1
112.8
Costs
76.5
11.3
36.8
1.0
46.5
172.1
Accumulated amortization and impairment losses
\u2013
(6.6)
(30.2)
(0.1)
(22.4)
(59.3)
Carrying amount as at 31 December 2024
76.5
4.7
6.6
0.9
24.1
112.8
Balance as at 1 January 2025
Costs
76.5
11.3
36.8
1.0
46.5
172.1
Accumulated amortization and impairment losses
\u2013
(6.6)
(30.2)
(0.1)
(22.4)
(59.3)
Carrying amount as at 1 January 2025
76.5
4.7
6.6
0.9
24.1
112.8
Purchases
\u2013
0.5
3.6
\u2013
\u2013
4.0
Disposals
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
Currency translation differences
(0.9)
(0.1)
(0.0)
(0.1)
\u2013
(1.1)
Divestments cost value
A
(4.5)
(6.0)
(0.3)
(0.9)
\u2013
(11.7)
Amortization for the year
\u2013
(0.5)
(1.5)
(0.0)
(2.3)
(4.3)
Impairment
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
Divestments accumulated amortization and impairment losses
A
\u2013
4.2
0.2
0.1
\u2013
4.5
Carrying amount as at 31 December 2025
71.1
2.8
8.6
\u2013
21.8
104.3
Costs
71.1
4.0
36.9
\u2013
34.7
146.7
Accumulated amortization and impairment losses
\u2013
(1.2)
(28.3)
\u2013
(12.9)
(42.4)
Carrying amount as at 31 December 2025
71.1
2.8
8.6
\u2013
21.8
104.3
A Refer to note 8 Assets held for sale and discontinued operations for more information on the divestment Goodwill has an indefinite estimated useful life. The estimated useful life of software is between three and eight years. The estimated useful life of other intangible assets is between eight and nineteen years. The Executive Board reviews at each reporting period the estimated useful lives of each intangible asset with a definite useful life. The investments in software during 2025 of EUR 3.6 million (2024: EUR 3.4 million) mainly relate to investments related to the implementation of a new ERP system and various software upgrades. The other intangible assets mainly comprise the carrying amount of customer relationships of EUR 21.5 million (2024: EUR 23.6 million). These customer relationships were acquired through business combinations. Amortization of EUR 4.1 million (2024: EUR 6.0 million) is recognized in Depreciation and amortization and EUR 0.2 million is included in Profit/ Loss after tax from discontinued operations in the consolidated statement of profit and loss and other comprehensive income (2024: EUR 0.5 million). Note that for Cash Flow Statement purposes the amortization of software, capitalized development costs and concessions is added to the line \u2018Depreciation of property, plant and equipment and software\u2019. Impairment testing for groups of cash-generating units containing goodwill For the purposes of impairment testing, goodwill has been allocated to groups of CGUs, which reflect the level on which goodwill is monitored.
Goodwill EUR million
2025
2024
Industrial Actuators and Controls (IAC)
37.7
39.8
Industrial Brakes (IB)
32.4
33.8
Mobility
1.0
2.9
71.1
76.5
Goodwill was allocated to the divested business using the relative value approach, whereby goodwill is apportioned on a pro rata basis on fair value. Accordingly, goodwill of EUR 4.5 million was allocated to the divested business. Refer to Note 8 for further details on the divestment of the Chinese business. Key assumptions and method of quantification Pursuant to IAS 36, the Group has performed an impairment test with reference to the goodwill allocated to each group of cash-generating units. This test was carried out by discounting future cash flows (\u2018value in use\u2019) to be generated from the continuing use of the cash-generating unit to which the goodwill applies and on the assumption of an indefinite life. Impairment tests were performed as of 30 September this year, consistent with the prior year. For all groups of CGUs, the cash flows for the first five years were based on budgets and mid-term plans drawn up by the local management and approved by the Executive Board and Supervisory Board. For the subsequent years, the residual value was calculated on the basis of the results in the last year of relevant forecasts, with a terminal growth rate of 1.5% for IAC and IB and negative growth rate for Mobility taken into account. The forecasts were based on pre-tax cash flow. The weighted average cost of capital (WACC) based on the Capital Asset Pricing Model was also
pre-tax. Expansion investments were excluded from the calculations in the residual value. The expected growth in cash flows as a result of expansion
investments was also excluded. This is particularly relevant for the goodwill CGUs where significant growth is expected and strategic investments are
planned.
Key assumptions used in the calculation of recoverable amounts concern discount rates, terminal value growth rates, EBITDA margin growth and
revenue growth. Key assumptions are based on past experience, management assessment of revenue and external sources.
Key assumptions
Pre-tax discount rate
Terminal value growth rate
2025
2024
2025
2024
Industrial Actuators and Controls (IAC)
12.9%
12.3%
1.5%
1.5%
Industrial Brakes (IB)
12.9%
12.3%
1.5%
1.5%
Mobility
17.5%
11.0%
n/a
1.0%
Discount rate In determining the pre-tax discount rate, first the post-tax average costs of capital were calculated of all cash generating units containing goodwill. The post-tax rate is based on debt leveraging compared to the market value of equity of 25%. The post-tax weighted average cost of capital rates of cash generating units amount to 10.0% to 10.1% and these rates was used for calculating the post-tax cash flows. Terminal value growth rate All cash-generating units are valued using discounted cash flow models based on five-year cash flow projections. A terminal value is calculated using a long-term growth rate in perpetuity of 1.5% for IAC and IB. The negative growth rate in Mobility relates to the gradual phase out of the existing Mobility programs that run in the Romanian electronics plant following the group\u2019s exit out of the automotive market Revenue and EBITDA margin Revenue and EBITDA margin A development for the cash generating units is based on the strategic business plans for the coming 5 years. The growth rates are based on the expectation of market developments and management\u2019s assessment of the project pipeline of the cash generating units. The average annual growth rates for revenue in the first 5 years for IB and IAC range between 5% and 6%, the total development of the EBITDA margin is in line with the long-term group target of at least 15%. Sensitivity to changes in assumptions The recoverable amounts of all cash-generating units with goodwill exceed their carrying amounts. Management has carried out an analysis of sensitivity to changes in the key assumptions. Sensitivity analyses are performed based on a change in an assumption while holding other assumptions constant. The following changes in assumptions are assessed: \u25a0 Increase of the discount rate (post-tax) by 1.0%; \u25a0 Decrease of terminal value growth rate by 1.5% for IAC and IB; \u25a0 Decrease of average revenues growth by 3.0%. Based on the sensitivity analyses performed it is concluded that any reasonable changes in the key assumptions would not require an impairment for IAC, IB and Mobility. A Non-IFRS financial measure. For the definition and reconciliation of the most directly comparable IFRS measure, refer to reconciliation of non-IFRS information, starting on page 219", "dimensions": { "concept": "ifrs-full:DisclosureOfGoodwillExplanatory", "language": "en", "entity": "scheme:724500IGR5FBK0RLZI29", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-470": { "value": "The investments in software during 2025 of EUR 3.6 million (2024: EUR 3.4 million) mainly relate to investments related to the implementation of a new ERP system and various software upgrades. The other intangible assets mainly comprise the carrying amount of customer relationships of EUR 21.5 million (2024: EUR 23.6 million). These customer relationships were acquired through business combinations. Amortization of EUR 4.1 million (2024: EUR 6.0 million) is recognized in Depreciation and amortization and EUR 0.2 million is included in Profit/ Loss after tax from discontinued operations in the consolidated statement of profit and loss and other comprehensive income (2024: EUR 0.5 million). Note that for Cash Flow Statement purposes the amortization of software, capitalized development costs and concessions is added to the line \u2018Depreciation of property, plant and equipment and software\u2019. ", "dimensions": { "concept": "ifrs-full:DisclosureOfExpensesByNatureExplanatory", "language": "en", "entity": "scheme:724500IGR5FBK0RLZI29", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-473": { "value": "
Other investments and non-current assets
In July 2024 Kendrion Holding USA Inc. acquired a 30% interest in CFV Innovations, Inc. for an amount of EUR 3.7 million. The movement of this investment in 2025 is due to EUR -0.3 million share of Kendrion in the loss for the year 2025 and EUR -0.3 million currency translation adjustment. CFV Innovations, Inc. is a USA based company that develops precise fluid control and dosing systems for fertigation, industrial cleaning and medical applications. All acquired shares are preferred shares whereas Kendrion Holding USA Inc. is entitled to receive dividend in preference to holders of ordinary shares. The proportion voting rights held by Kendrion Holding USA Inc. is 30%. Kendrion Holding USA Inc. is entitled to convert the preferred shares into ordinary shares at an agreed upon conversion rate
EUR million
2025
2024
Equity-accounted investee
3.1
3.7
Other
1.2
0.2
4.3
3.9
", "dimensions": { "concept": "ifrs-full:DisclosureOfInvestmentsAccountedForUsingEquityMethodExplanatory", "language": "en", "entity": "scheme:724500IGR5FBK0RLZI29", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-474": { "value": "Other investments and non-current assets In July 2024 Kendrion Holding USA Inc. acquired a 30% interest in CFV Innovations, Inc. for an amount of EUR 3.7 million. The movement of this investment in 2025 is due to EUR -0.3 million share of Kendrion in the loss for the year 2025 and EUR -0.3 million currency translation adjustment. CFV Innovations, Inc. is a USA based company that develops precise fluid control and dosing systems for fertigation, industrial cleaning and medical applications. All acquired shares are preferred shares whereas Kendrion Holding USA Inc. is entitled to receive dividend in preference to holders of ordinary shares. The proportion voting rights held by Kendrion Holding USA Inc. is 30%. Kendrion Holding USA Inc. is entitled to convert the preferred shares into ordinary shares at an agreed upon conversion rate .
EUR million
2025
2024
Equity-accounted investee
3.1
3.7
Other
1.2
0.2
4.3
3.9
", "dimensions": { "concept": "ifrs-full:DisclosureOfSignificantInvestmentsInAssociatesExplanatory", "language": "en", "entity": "scheme:724500IGR5FBK0RLZI29", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-475": { "value": "Other investments and non-current assets In July 2024 Kendrion Holding USA Inc. acquired a 30% interest in CFV Innovations, Inc. for an amount of EUR 3.7 million. The movement of this investment in 2025 is due to EUR -0.3 million share of Kendrion in the loss for the year 2025 and EUR -0.3 million currency translation adjustment. CFV Innovations, Inc. is a USA based company that develops precise fluid control and dosing systems for fertigation, industrial cleaning and medical applications. All acquired shares are preferred shares whereas Kendrion Holding USA Inc. is entitled to receive dividend in preference to holders of ordinary shares. The proportion voting rights held by Kendrion Holding USA Inc. is 30%. Kendrion Holding USA Inc. is entitled to convert the preferred shares into ordinary shares at an agreed upon conversion rate .
EUR million
2025
2024
Equity-accounted investee
3.1
3.7
Other
1.2
0.2
4.3
3.9
The following German legal entities are consolidated in these consolidated financial statements: Kendrion Holding Germany GmbH, Kendrion (Villingen) GmbH, Kendrion (Donaueschingen/Engelswies) GmbH, Kendrion Kuhnke GmbH, Kendrion Kuhnke Automation GmbH, Kendrion Kuhnke Automotive GmbH, Kendrion INTORQ GmbH, INTORQ Beteiligungs-GmbH and Kendrion IP Management GmbH. All of the above entities make use of the exemption under \u00a7 264(3) of the German Commercial Code (HGB). In accordance with this provision, separate annual financial statements of these entities as at 31 December 2025 have not been and will not be published. A list of the subsidiaries benefiting from this disclosure exemption is available from the Commercial Register at the Local Court (Amtsgericht) in Freiburg im Breisgau under registration number HRB 704749", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestsInOtherEntitiesExplanatory", "language": "en", "entity": "scheme:724500IGR5FBK0RLZI29", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-476": { "value": "
Deferred tax assets and liabilities
The Group has recognized deferred tax assets for tax loss carry-forwards in the following jurisdictions:
Germany
As at 31 December 2025, the tax loss carry forwards amounted to EUR 23.1 million (2024: EUR 29.1 million) (Trade Tax) and EUR 21.0 million
(Corporate Income Tax) (2024: EUR 25.6 million).The losses are recognized in full, resulting in deferred tax assets of EUR 6.1 million
(2024: EUR 7.6 million).
United States of America
As at 31 December 2025, the tax loss carry forwards amounted to EUR 15.2 million (2024: EUR 17.6 million) (Federal Tax) and EUR 4.8 million
(2024: EUR 5.6 million) (State Tax). EUR 10.6 million of Federal Tax carry-forward losses are not recognized, these losses can be carried forward
indefinitely. A deferred tax asset is recorded for EUR 4.8 million of Federal and all of the State Tax carry-forward losses resulting in a deferred tax assets
of EUR 1.3 million (2024: EUR 1.4 million).
China
As at 31 December 2024, the deferred tax asset for loss carry-forwards amounted to EUR 5.9 million. Following the divestment
of the Chinese business, no deferred tax asset relating to loss carry-forwards in China remains.
The Netherlands
As at 31 December 2025, the tax loss carry-forwards amounted to EUR 0.5 million (2024: EUR 0.6 million). These are recognized in full, resulting
in a deferred tax asset of EUR 0.1 million (2024: EUR 0.2 million).
Deferred tax assets and liabilities included in the financial position
The deferred tax assets and liabilities can be specified as follows:
Assets
Liabilities
Net
EUR million
2025
2024
2025
2024
2025
2024
Property, plant and equipment
0.7
1.0
2.2
2.4
(1.5)
(1.4)
Intangible assets
1.3
1.3
8.4
11.3
(7.1)
(10.0)
Inventories
0.6
1.2
0.3
0.4
0.3
0.8
Employee benefits
0.5
0.4
0.1
0.0
0.4
0.4
Provisions
0.4
0.0
0.0
0.0
0.4
(0.0)
Other items
1.3
2.5
0.3
0.6
1.0
1.9
Tax value of recognized loss carry-forwards
7.5
15.0
\u2013
0.0
7.5
15.0
Deferred tax assets/liabilities
12.3
21.4
11.3
14.7
1.0
6.7
The deferred tax liabilities relate largely to temporary differences between the carrying amount and tax base of property, plant and equipment and
intangible assets. These are of a relatively long-term nature, mostly longer than five years. Other deferred tax assets relate mainly to deferred revenues
and accruals.
During the financial year, legislation was enacted in Germany providing for a reduction in corporate income tax rates applicable in future periods.
As deferred tax assets and liabilities are measured using the tax rates expected to apply when the related temporary differences reverse, the
remeasurement of deferred taxes reflects this change in tax legislation resulting in an increse in the net deferred tax position of EUR 0.5 million.
Deferred tax assets are recognized for unused tax losses to the extent that it is probable that future taxable profits will be available against which they
can be set off. Deferred tax assets are reviewed at each reporting date and are reduced to the extent that it is no longer probable that the related tax
benefit will be realized; such reductions are reversed if the probability of future taxable profits improves. Whether Kendrion is able to realize its deferred
tax assets is an estimate that has an element of inherent uncertainty to it. Both the budget 2026 and mid-term plan, which include the projections for
the upcoming years, are based upon expectations of the market, contracts that have been signed and negotiations currently ongoing for new contracts.
Tax loss carry forward limitation rules apply in certain jurisdictions in which Kendrion has carry forward tax losses. These rules might under certain
circumstances lead to a (proportional) forfeiture of recognized and unrecognized carry forward tax losses in case of a direct or indirect change in
ownership.
The tax losses carry forward for which no deferred tax assets are recognized in the statement of financial position are reviewed each reporting date.
These tax losses carry forward for which no deferred tax assets are recognized in the statement of financial position amount to EUR 10.6 million
(2024: EUR 16.1 million).
Movement in temporary differences during the financial year
2024
Recognized
in other
Recognized comprehensive At 31
A
Net, EUR million
At 1 January
in profit and loss
income
Divested
December
Property, plant and equipment
(2.4)
(0.4)
\u2013
1.4
(1,4)
Intangible assets
(10.0)
(0.4)
\u2013
0.4
(10.0)
Inventories
1.0
(0.1)
\u2013
(0.1)
0.8
Employee benefits
0.2
0.1
0.1
0.0
0.4
Provisions
(0.0)
(0.0)
\u2013
0.0
(0.0)
Other items
2.7
1.0
(0.3)
(1.5)
1.9
Tax value of loss carry-forwards
9.6
5.4
\u2013
\u2013
15.0
1.1
5.6
(0.2)
0.2
6.7
2025
Recognized
in other
Recognized comprehensive At 31
A
Net, EUR million
At 1 January
in profit and loss
income
Divested
December
Property, plant and equipment
(1.4)
(0.2)
0.0
\u2013
(1.6)
Intangible assets
(10.0)
2.5
0.3
\u2013
(7.2)
Inventories
0.8
(0.3)
(0.0)
(0.2)
0.3
Employee benefits
0.4
0.0
\u2013
\u2013
0.4
Provisions
(0.0)
0.4
\u2013
\u2013
0.4
Other items
1.9
(0.2)
(0.1)
(0.4)
1.2
Tax value of loss carry-forwards
15.0
(2.6)
(0.7)
(4.2)
7.5
6.7
(0.4)
(0.5)
(4.8)
1.0
", "dimensions": { "concept": "ifrs-full:DisclosureOfDeferredTaxesExplanatory", "language": "en", "entity": "scheme:724500IGR5FBK0RLZI29", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-477": { "value": "
Inventories
EUR million
2025
2024
Raw materials, consumables, technical materials and packing materials
28.8
37.0
Work in progress
7.9
9.2
Finished goods
7.3
10.6
Goods for resale
0.5
1.7
44.5
58.5
The value of inventory recorded as an expense in 2025 amounts to EUR 103.3 million (2024: EUR 116.8 million). The inventories are presented after accounting for a provision of EUR 6.6 million (2024: EUR 6.2 million) for obsolescence. In 2025, the release of the write-down to net realisable value of the inventories in earlier years was EUR 0.4 million (2024: EUR 0.8 million release). The write-down and reversals are included in Raw material and subcontracted work. The decrease is mainly attributable to the sale of the China business, refer to note 8", "dimensions": { "concept": "ifrs-full:DisclosureOfInventoriesExplanatory", "language": "en", "entity": "scheme:724500IGR5FBK0RLZI29", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-478": { "value": "Trade and other receivables
EUR million
2025
2024
Trade receivables
19.0
40.3
Other taxes and social security
1.2
1.9
Other receivables
2.9
15.0
Derivatives used for hedging
\u2212
0.2
Prepayments
0.5
1.2
23.6
58.6
The decrease in trade receivables and other receivables is largely attributable to the divestment of the Chinese business. In 2024, other receivables
included a receivable from Solero Technologies LLC, which was settled in 2025.
The credit and currency risks associated with trade and other receivables are disclosed in note 15, and in the financial risk management paragraph of
note s. The provision for doubtful debts amounts to EUR 0.5 million (2024: EUR 0.3 million). The r eceivables are mainly held according to the \u2018held-to-
collect\u2019 business model. At the end of 2025, an amount of EUR 3.2 million (2024: nil) was sold to a factoring company and was derecognized.
", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherReceivablesExplanatory", "language": "en", "entity": "scheme:724500IGR5FBK0RLZI29", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-479": { "value": "
Cash and cash equivalents
EUR million
2025
2024
Cash and cash equivalents
29.4
8.5
Bank overdrafts
0.0
(1.7)
Cash and cash equivalents in the statement of cash flows
29.4
6.8
The cash and cash equivalents include EUR 1.1 million (2024: EUR 0.2 million) of cash that is held in countries where the Group faces cross-border foreign exchange controls and/or other legal restrictions that inhibit the Groups ability to make these balances available for general use by the Group. The other bank balances are freely available. The interest rate risk for the Group and a sensitivity analysis for financial assets and liabilities are disclosed in notes 15 and accounting policies", "dimensions": { "concept": "ifrs-full:DisclosureOfCashAndCashEquivalentsExplanatory", "language": "en", "entity": "scheme:724500IGR5FBK0RLZI29", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-480": { "value": "Assets classified as held for sale and discontinued operations In October 2025, the sale of our China-based business to local management, was finalized. With growth opportunities in China primarily linked to the automotive sector, the divestment enables Kendrion to fully focus on its industrial business groups and marks the completion of Kendrion\u2019s strategic transformation into a pure-play industrial company. In October 2024, the sale of automotive activities in Europe and USA to Solero Technologies LLC was finalized, supporting the same strategic transformation into a pure play industrial company
The results from discontinued operations include the divested China-based business, the divested European and USA automotive business and the
outcome from discontinuing the R&D activities of the automotive sound business. These R&D activities were not sold but were part of a single,
coordinated strategic plan to focus on industrial activities. The results from the discontinued operations are presented below:
A
EUR million
2025
2024
Revenues
55.3
210.8
Expenses
52.0
213.2
Result before remeasurements, finance costs and tax
3.3
(2.4)
Remeasurement of assets to fair value less cost to sell
(0.2)
(5.1)
Financial income and expenses
(1.5)
(4.3)
Income tax
(1.0)
2.9
Profit/ (loss) before result on sale
0.6
(8.9)
Result on sale after tax
5.3
(4.0)
Profit/ (loss) after tax from discontinued operations
5.9
(12.9)
n total an amount of EUR -4.0 million was recycled from the translation reserve to consolidated statement of profit and loss upon disposals of the subsidiaries outside the euro zone and is included in the result on sale after tax. Net cash flows incurred by the discontinued businesses are as follows:
A
EUR million
2025
2024
Cash flows from operating activities
1.1
(11.6)
Cash flows from investing activities
(0.9)
(13.3)
Cash flows from financing activities
(2.4)
13.9
Net cash flows from discontinued operations
(2.2)
(11.0)
The net cashflow from the sale of our China-based business amounted to EUR 57.0 million in 2025 (net of cash amounting to EUR 55.9 million). The net cashflow from the sale of the automotive business in Europe and USA amounted to EUR 8.6 million in 2025 (2024: EUR 52.5 million, net of cash amounting to EUR 9.8 million). The assets classified as held for sale in 2024 of EUR 1.9 million relate to a building where Kendrion OG GmbH conducted its business. These assets are presented in fixed assets in 2025 pending the cleaning of the soil contamination. Reference is made to note 13. Earnings per share from discontinued operations are as follows:
A
EUR million
2025
2024
Basic earnings per share from discontinued operations (in euro)
0.38
(0.84)
Diluted earnings per share from discontinued operations (in euro)
0.37
(0.84)
A
2024 numbers were re-presented to present the continuing operations only in accordance with IFRS 5. Reference is made to note 8 for more details on results from
", "dimensions": { "concept": "ifrs-full:DisclosureOfDiscontinuedOperationsExplanatory", "language": "en", "entity": "scheme:724500IGR5FBK0RLZI29", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-481": { "value": "Assets classified as held for sale and discontinued operations In October 2025, the sale of our China-based business to local management, was finalized. With growth opportunities in China primarily linked to the automotive sector, the divestment enables Kendrion to fully focus on its industrial business groups and marks the completion of Kendrion\u2019s strategic transformation into a pure-play industrial company. In October 2024, the sale of automotive activities in Europe and USA to Solero Technologies LLC was finalized, supporting the same strategic transformation into a pure play industrial company The r esults from discontinued operations include the divested China-based business, the divested European and USA automotive business and the outcome from discontinuing the R&D activities of the automotive sound business. These R&D activities were not sold but were part of a single, coordinated strategic plan to focus on industrial activities. The results from the discontinued operations are presented below:
A
EUR million
2025
2024
Revenues
55.3
210.8
Expenses
52.0
213.2
Result before remeasurements, finance costs and tax
3.3
(2.4)
Remeasurement of assets to fair value less cost to sell
(0.2)
(5.1)
Financial income and expenses
(1.5)
(4.3)
Income tax
(1.0)
2.9
Profit/ (loss) before result on sale
0.6
(8.9)
Result on sale after tax
5.3
(4.0)
Profit/ (loss) after tax from discontinued operations
5.9
(12.9)
I n total an amount of EUR -4.0 million was recycled from the translation reserve to consolidated statement of profit and loss upon disposals of the subsidiaries outside the euro zone and is included in the result on sale after tax. Net cash flows incurred by the discontinued businesses are as follows
A
EUR million
2025
2024
Cash flows from operating activities
1.1
(11.6)
Cash flows from investing activities
(0.9)
(13.3)
Cash flows from financing activities
(2.4)
13.9
Net cash flows from discontinued operations
(2.2)
(11.0)
The net cashflow from the sale of our China-based business amounted to EUR 57.0 million in 2025 (net of cash amounting to EUR 55.9 million). The net cashflow from the sale of the automotive business in Europe and USA amounted to EUR 8.6 million in 2025 (2024: EUR 52.5 million, net of cash amounting to EUR 9.8 million). The assets classified as held for sale in 2024 of EUR 1.9 million relate to a building where Kendrion OG GmbH conducted its business. These assets are presented in fixed assets in 2025 pending the cleaning of the soil contamination. Reference is made to note 13. Earnings per share from discontinued operations are as follows:
A
EUR million
2025
2024
Basic earnings per share from discontinued operations (in euro)
0.38
(0.84)
Diluted earnings per share from discontinued operations (in euro)
0.37
(0.84)
", "dimensions": { "concept": "ifrs-full:DisclosureOfNoncurrentAssetsHeldForSaleAndDiscontinuedOperationsExplanatory", "language": "en", "entity": "scheme:724500IGR5FBK0RLZI29", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-482": { "value": "Capital and reserves
Capital and share premium
Shares entitled to dividend
Shares owned by Kendrion
Total number of issued shares
2025
2024
2025
2024
2025
2024
As at 1 January
15,500,057
15,276,014
\u2212
\u2212
15,500,057
15,276,014
Issued shares (share dividend)
300,467
211,787
\u2212
\u2212
300,467
211,787
Issued shares (share plan)
6,903
12,256
\u2212
\u2212
6,903
12,256
Repurchased shares
(185,333)
\u2212
185,333
\u2212
\u2212
\u2212
As at 31 December
15,622,094
15,500,057
185,333
\u2212
15,807,427
15,500,057
Issuance of ordinary shares In 2025, in total 307,370 new shares were issued (2024: 224,043). Ordinary shares The authorized share capital consists of:
EUR million
2025
2024
40,000,000 ordinary shares of EUR 2.00
80.0
80.0
Issued share capital
Balance at 1 January 2025: 15,500,057 ordinary shares (2024: 15,276,014)
31.0
30.6
Balance at 31 December 2025: 15,807,427 ordinary shares (2024: 15,500,057)
31.6
31.0
Share premium
EUR million
2025
2024
Balance as at 1 January
37.1
37.3
Dividend payment
(3.1)
(2.7)
Share premium on issued shares
2.5
2.5
Balance as at 31 December
36.5
37.1
Translation reserve The translation reserve comprises all foreign currency differences arising from the translation of the financial statements of subsidiaries outside the euro zone. Gains and losses relating to the translation risk are recognized in equity. The build-up of the cumulative figure commenced on 1 January 2004. In 2025, the translation reserve pertaining to the divested Chinese business was recycled to the consolidated statement of profit and loss. In total an amount of EUR -4.0 million was recycled from the translation reserve to consolidated statement of profit and loss upon disposals of the subsidiaries outside the euro zone and is included in the profit after tax from discontinued operations. Refer to note 8 Hedge reserve The hedge reserve comprises the effective portion of the cumulative net movement in the fair value of cash flow hedging instruments relating to hedged transactions that have not yet occurred, net of tax. The hedge reserve increased by EUR 0.1 million due to the realisation of hedged transactions (2024: EUR 0.7 million decrease). The hedge reserve increased by EUR 0.0 million due to valuation effects (2024: EUR 0.2 million increase). There was no hedge ineffectiveness in 2025 (2024: no hedge ineffectiveness). Reserve for own shares (treasury shares) On 11 November 2025, the Company announced a EUR 10 million share buyback program, which commenced on 26 November 2025. In total 185,333 shares were repurchased under the program until 31 December 2025 at a total cost of EUR 2.5 million. The reserve for the Company\u2019s own shares comprises the shares held by the Company that were repurchased under the share buyback program. The Company intends to use a portion of these shares for the Executive Board remuneration packages, while it is intended to propose to the company\u2019s shareholders to cancel the remainder of the repurchased shares. At 31 December 2025, the Company held 185,333 of its own shares (2024: nil). Other reserves Other reserves are all the reserves other than those shown separately and primarily represent the accumulated, undistributed profits from previous financial years. Retained earnings In 2025, the result for 2024 was fully transferred to other reserves. Retained earnings in the 2025 financial statements consequently consist solely of the result for 2025. Dividends The following dividends were paid by the Company for the year:
EUR million
2025
2024
1.45 euro per qualifying ordinary share (2024: 0.45 euro)
22.8
6.8
After the reporting date, the following dividends were proposed by the Executive Board. The dividends have not been recognized as liabilities and there are no tax consequences in 2025.
EUR million
2025
2024
0.70 euro per qualifying ordinary share (2024: 0.45 euro)
11.0
7.0
", "dimensions": { "concept": "ifrs-full:DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory", "language": "en", "entity": "scheme:724500IGR5FBK0RLZI29", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-483": { "value": "
Capital and share premium
Shares entitled to dividend
Shares owned by Kendrion
Total number of issued shares
2025
2024
2025
2024
2025
2024
As at 1 January
15,500,057
15,276,014
\u2212
\u2212
15,500,057
15,276,014
Issued shares (share dividend)
300,467
211,787
\u2212
\u2212
300,467
211,787
Issued shares (share plan)
6,903
12,256
\u2212
\u2212
6,903
12,256
Repurchased shares
(185,333)
\u2212
185,333
\u2212
\u2212
\u2212
As at 31 December
15,622,094
15,500,057
185,333
\u2212
15,807,427
15,500,057
Issuance of ordinary shares
In 2025, in total 307,370 new shares were issued (2024: 224,043).
Ordinary shares
The authorized share capital consists of:
EUR million
2025
2024
40,000,000 ordinary shares of EUR 2.00
80.0
80.0
Issued share capital
Balance at 1 January 2025: 15,500,057 ordinary shares (2024: 15,276,014)
31.0
30.6
Balance at 31 December 2025: 15,807,427 ordinary shares (2024: 15,500,057)
31.6
31.0
Share premium
EUR million
2025
2024
Balance as at 1 January
37.1
37.3
Dividend payment
(3.1)
(2.7)
Share premium on issued shares
2.5
2.5
Balance as at 31 December
36.5
37.1
", "dimensions": { "concept": "ifrs-full:DisclosureOfIssuedCapitalExplanatory", "language": "en", "entity": "scheme:724500IGR5FBK0RLZI29", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-484": { "value": "Translation reserve The translation reserve comprises all foreign currency differences arising from the translation of the financial statements of subsidiaries outside the euro zone. Gains and losses relating to the translation risk are recognized in equity. The build-up of the cumulative figure commenced on 1 January 2004. In 2025, the translation reserve pertaining to the divested Chinese business was recycled to the consolidated statement of profit and loss. In total an amount of EUR -4.0 million was recycled from the translation reserve to consolidated statement of profit and loss upon disposals of the subsidiaries outside the euro zone and is included in the profit after tax from discontinued operations. Refer to note 8 ", "dimensions": { "concept": "ifrs-full:DisclosureOfEffectOfChangesInForeignExchangeRatesExplanatory", "language": "en", "entity": "scheme:724500IGR5FBK0RLZI29", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-485": { "value": "Translation reserve The translation reserve comprises all foreign currency differences arising from the translation of the financial statements of subsidiaries outside the euro zone. Gains and losses relating to the translation risk are recognized in equity. The build-up of the cumulative figure commenced on 1 January 2004. In 2025, the translation reserve pertaining to the divested Chinese business was recycled to the consolidated statement of profit and loss. In total an amount of EUR -4.0 million was recycled from the translation reserve to consolidated statement of profit and loss upon disposals of the subsidiaries outside the euro zone and is included in the profit after tax from discontinued operations. Refer to note 8 .
Hedge reserve
The hedge reserve comprises the effective portion of the cumulative net movement in the fair value of cash flow hedging instruments relating to hedged
transactions that have not yet occurred, net of tax.
The hedge reserve increased by EUR 0.1 million due to the realisation of hedged transactions (2024: EUR 0.7 million decrease). The hedge reserve
increased by EUR 0.0 million due to valuation effects (2024: EUR 0.2 million increase). There was no hedge ineffectiveness in 2025 (2024: no hedge
ineffectiveness).
Reserve for own shares (treasury shares)
On 11 November 2025, the Company announced a EUR 10 million share buyback program, which commenced on 26 November 2025. In total
185,333 shares were repurchased under the program until 31 December 2025 at a total cost of EUR 2.5 million. The reserve for the Company\u2019s own
shares comprises the shares held by the Company that were repurchased under the share buyback program. The Company intends to use a portion of
these shares for the Executive Board remuneration packages, while it is intended to propose to the company\u2019s shareholders to cancel the remainder of
the repurchased shares. At 31 December 2025, the Company held 185,333 of its own shares (2024: nil).
Other reserves
Other reserves are all the reserves other than those shown separately and primarily represent the accumulated, undistributed profits from previous
financial years.
", "dimensions": { "concept": "ifrs-full:DisclosureOfReservesAndOtherEquityInterestExplanatory", "language": "en", "entity": "scheme:724500IGR5FBK0RLZI29", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-486": { "value": "Reserve for own shares (treasury shares) On 11 November 2025, the Company announced a EUR 10 million share buyback program, which commenced on 26 November 2025. In total 185,333 shares were repurchased under the program until 31 December 2025 at a total cost of EUR 2.5 million. The reserve for the Company\u2019s own shares comprises the shares held by the Company that were repurchased under the share buyback program. The Company intends to use a portion of these shares for the Executive Board remuneration packages, while it is intended to propose to the company\u2019s shareholders to cancel the remainder of the repurchased shares. At 31 December 2025, the Company held 185,333 of its own shares (2024: nil). ", "dimensions": { "concept": "ifrs-full:DisclosureOfTreasurySharesExplanatory", "language": "en", "entity": "scheme:724500IGR5FBK0RLZI29", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-487": { "value": "
Dividends
The following dividends were paid by the Company for the year:
EUR million
2025
2024
1.45 euro per qualifying ordinary share (2024: 0.45 euro)
22.8
6.8
After the reporting date, the following dividends were proposed by the Executive Board. The dividends have not been recognized as liabilities and there
are no tax consequences in 2025.
EUR million
2025
2024
0.70 euro per qualifying ordinary share (2024: 0.45 euro)
11.0
7.0
", "dimensions": { "concept": "ifrs-full:DisclosureOfDividendsExplanatory", "language": "en", "entity": "scheme:724500IGR5FBK0RLZI29", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-488": { "value": "1.45", "decimals": 2, "dimensions": { "concept": "ifrs-full:DividendsRecognisedAsDistributionsToOwnersPerShare", "entity": "scheme:724500IGR5FBK0RLZI29", "period": "2024-12-31T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:EUR/xbrli:shares" } }, "fact-489": { "value": "0.45", "decimals": 2, "dimensions": { "concept": "ifrs-full:DividendsRecognisedAsDistributionsToOwnersPerShare", "entity": "scheme:724500IGR5FBK0RLZI29", "period": "2023-12-31T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:EUR/xbrli:shares" } }, "fact-490": { "value": "0.7", "decimals": 2, "dimensions": { "concept": "ifrs-full:DividendsProposedOrDeclaredBeforeFinancialStatementsAuthorisedForIssueButNotRecognisedAsDistributionToOwnersPerShare", "entity": "scheme:724500IGR5FBK0RLZI29", "period": "2024-12-31T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:EUR/xbrli:shares" } }, "fact-491": { "value": "0.45", "decimals": 2, "dimensions": { "concept": "ifrs-full:DividendsProposedOrDeclaredBeforeFinancialStatementsAuthorisedForIssueButNotRecognisedAsDistributionToOwnersPerShare", "entity": "scheme:724500IGR5FBK0RLZI29", "period": "2023-12-31T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:EUR/xbrli:shares" } }, "fact-492": { "value": "
Earnings per share
Basic earnings per share
The calculation of the basic earnings per share as at 31 December 2025 is based on the profit for the period of EUR 19.5 million (2024: EUR -4.5
million) attributable to the holders of ordinary shares and the weighted average number of shares outstanding during the year 2025: 15,690,000 (2024:
15,425,000).
EUR million
2025
2024
Net result attributable to ordinary shareholders
19.5
(4.5)
Weighted average number of ordinary shares
In thousands of shares
2025
2024
Issued ordinary shares at 1 January
15.500
15,276
Effect of shares issued as share dividend
300
212
Effect of shares issued as share plan
7
12
Ordinary shares outstanding at 31 December
15.807
15,500
Weighted average number of ordinary shares entitled to dividend
15.690
15,425
Basic earnings per share (EUR), based on ordinary shares outstanding at 31 December
1.24
(0.29)
Basic earnings per share (EUR), based on weighted average
1.24
(0.29)
Diluted earnings per share
The calculation of the diluted earnings per share at 31 December 2025 is based on the profit of EUR 19.5 million (2024: EUR -4.5 million) attributable
to the holders of ordinary shares and the weighted average numbers of shares during the year after adjustment for the effects of all dilutive potential
ordinary shares of 15,787,000 (2024: 15,631,000)
EUR million
2025
2024
Net profit attributable to ordinary shareholders
19.5
(4.5)
Effect of dilution
(0.0)
(0.0)
Net profit attributable to ordinary shareholders (diluted)
19.5
(4.5)
Weighted average number of ordinary shares (diluted)
In thousands of shares
2025
2024
Weighted average number of ordinary shares entitled to dividend
15,690
15,425
Weighted average numbers of ordinary shares (diluted)
15,787
15,631
Basic earnings per share (EUR), based on weighted average (diluted)
1.24
(0.29)
", "dimensions": { "concept": "ifrs-full:DisclosureOfEarningsPerShareExplanatory", "language": "en", "entity": "scheme:724500IGR5FBK0RLZI29", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-493": { "value": "
Loans and borrowings
This note contains information on the contractual provisions of the Group\u2019s interest-bearing loans and borrowings, which are carried at amortized cost.
For further information on the interest rates, and the currency and liquidity risks borne by the Group, see note 15 and accounting policies.
EUR million
2025
2024
Non-current liabilities
Bank syndicate loans
\u2212
13.1
Schuldschein loans
52.4
72.2
Lease liabilities
4.9
5.7
Other loans
\u2212
6.8
57.3
97.8
EUR million
2025
2024
Current liabilities
Current portion lease liabilities
1.8
2.2
Current portion loans
0.6
10.2
2.4
12.4
Bank syndicate Schuldschein Lease
EUR million loans loans
liabilities
Other loans
Total 2024
Carrying amount as at 1 January 2024
62.0
72.2
13.5
10.8
158.5
New liabilities
\u2013
\u2013
1.3
8.4
9.7
Repayments
(49.0)
\u2013
(3.0)
(2.7)
(54.7)
Foreign currency translation differences for foreign operations
\u2013
\u2013
0.0
0.5
0.5
Divestments
A
\u2013
\u2013
(3.8)
\u2013
(3.8)
Other movements
0.1
\u2013
(0.1)
\u2013
(0.0)
Carrying amount as at 31 December 2024
13.1
72.2
7.9
17.0
110.2
A Refer to note 8 Assets held for sale and discontinued operations for more information on the divestment .
Bank syndicate Schuldschein Lease
EUR million loans loans
liabilities
Other loans
Total 2025
Carrying amount as at 1 January 2025
13.1
72.2
7.9
17.0
110.2
New liabilities
20.0
\u2212
1.5
\u2212
21.5
Repayments
(33.1)
(20.0)
(2.4)
(3.3)
(58.8)
Foreign currency translation differences for foreign operations
\u2212
\u2212
(0.1)
(1.2)
(1.3)
Divestments
A
\u2212
\u2212
\u2212
(11.9)
(11.9)
Other movements
\u2212
0.2
(0.2)
\u2212
0.0
Carrying amount as at 31 December 2025
\u2212
52.4
6.7
0.6
59.7
Schuldschein loans
In April 2025, a Schuldschein loan with a nominal value of EUR 20.0 million was repaid upon maturity. As at 31 December 2025, a Schuldschein loan
with a nominal value of EUR 52.5 million was outstanding. This loan matures in April 2027. The interest rate on this loan is based on 6-month Euribor
plus a 1.2% margin. The margin is linked to the ESG score of the Kendrion Group as rated by Ecovadis. An increase in ESG rating of 10 percent points
or more results in a 5 basis point decrease of the margin. Vice versa, a 5 percent point decrease in ESG score, results in a 5 basis points margin
increase. In 2025, the ESG rating of the Group improved to 71 out of 100. The initial ESG score of the Group was 58 out of 100 at the inception of
the loans in 2022. As a consequence of the 13 percent point improvement of ESG rating, the margin on the loans decreased by 5 basis points. With
this continuous improvement in ESG rating, the group is in the top 15% of ESG rated general manufacturing companies. The loans include a financial
covenant relating to the leverage ratio. The leverage ratio (calculated as interest bearing debt / normalized EBITDA) should remain below 3.25, which
under certain circumstances can be temporarily increased to a maximum of 3.75. This covenant is tested quarterly on a 12-month rolling basis.
The actual leverage ratio at year-end was 0.8 (2024: 2.7). A reconciliation of normalized EBITDA can be found on page 222.
Revolving credit facility agreement
Kendrion has a revolving credit facility agreement with ING Bank and HSBC of EUR 75 million. As of 31 December 2025, no amount was drawn from
the facility. In February 2026, the facility was reduced from EUR 75 million to EUR 50 million. The agreement matures in April 2027.
The interest rates on the loans are based on Euribor plus a margin (between 1.2% and 2.35%). The margin is based on the leverage ratio of the Group.
In addition, the interest rates are linked to the ESG score of the Kendrion Group, via the same mechanism as the Schuldschein loans.
The facility agreement includes an option for Kendrion to request to increase the facility of maximum EUR 50 million (incremental facility). In case
Kendrion requests an incremental facility, the terms and conditions of this facility are agreed upon separately between Kendrion and the lenders.
In addition, the facility agreement allows the Group to attract designated additional alternative sources of debt funding. The leverage ratio covenant
is the same as for the Schuldschein loans .
A Refer to note 8 Assets held for sale and discontinued operations for more information on the divestment Credit lines As at 31 December 2025, the Group had the following credit lines available: \u25a0 EUR 75 million revolving credit facility with a syndicate of two banks consisting of HSBC and ING Bank. The credit facility is committed until April 2027 and includes an option (accordion option) to increase the facility by a maximum of EUR 50 million; \u25a0 EUR 52.5 million Schuldschein private placement loan; \u25a0 EUR 6.7 million in leases for buildings, various equipment and vehicles; \u25a0 EUR 6.1 million other loans and overdraft facilities. As at 31 December 2025, the total unutilised amount of the revolving credit facility and overdraft facilities combined was approximately EUR 79 million, excluding accordion option. Security provided A positive pledge is in place for the EUR 75 million Revolving Credit Facility. Interest-rate sensitivity Interest amounts payable on the revolving credit facility and Schuldschein loans are based on short-term interest rate (three and six months). The other loans of EUR 0.6 million and leases of EUR 6.7 million both have fixed interest rates. The interest sensitivity is disclosed on page 184.", "dimensions": { "concept": "ifrs-full:DisclosureOfBorrowingsExplanatory", "language": "en", "entity": "scheme:724500IGR5FBK0RLZI29", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-494": { "value": "Loans and borrowings This note contains information on the contractual provisions of the Group\u2019s interest-bearing loans and borrowings, which are carried at amortized cost. For further information on the interest rates, and the currency and liquidity risks borne by the Group, see note 15 and accounting policies.
EUR million
2025
2024
Non-current liabilities
Bank syndicate loans
\u2212
13.1
Schuldschein loans
52.4
72.2
Lease liabilities
4.9
5.7
Other loans
\u2212
6.8
57.3
97.8
EUR million
2025
2024
Current liabilities
Current portion lease liabilities
1.8
2.2
Current portion loans
0.6
10.2
2.4
12.4
Bank syndicate Schuldschein Lease
EUR million loans loans
liabilities
Other loans
Total 2024
Carrying amount as at 1 January 2024
62.0
72.2
13.5
10.8
158.5
New liabilities
\u2013
\u2013
1.3
8.4
9.7
Repayments
(49.0)
\u2013
(3.0)
(2.7)
(54.7)
Foreign currency translation differences for foreign operations
\u2013
\u2013
0.0
0.5
0.5
Divestments
A
\u2013
\u2013
(3.8)
\u2013
(3.8)
Other movements
0.1
\u2013
(0.1)
\u2013
(0.0)
Carrying amount as at 31 December 2024
13.1
72.2
7.9
17.0
110.2
A Refer to note 8 Assets held for sale and discontinued operations for more information on the divestment
Bank syndicate Schuldschein Lease
EUR million loans loans
liabilities
Other loans
Total 2025
Carrying amount as at 1 January 2025
13.1
72.2
7.9
17.0
110.2
New liabilities
20.0
\u2212
1.5
\u2212
21.5
Repayments
(33.1)
(20.0)
(2.4)
(3.3)
(58.8)
Foreign currency translation differences for foreign operations
\u2212
\u2212
(0.1)
(1.2)
(1.3)
Divestments
A
\u2212
\u2212
\u2212
(11.9)
(11.9)
Other movements
\u2212
0.2
(0.2)
\u2212
0.0
Carrying amount as at 31 December 2025
\u2212
52.4
6.7
0.6
59.7
Schuldschein loans In April 2025, a Schuldschein loan with a nominal value of EUR 20.0 million was repaid upon maturity. As at 31 December 2025, a Schuldschein loan with a nominal value of EUR 52.5 million was outstanding. This loan matures in April 2027. The interest rate on this loan is based on 6-month Euribor plus a 1.2% margin. The margin is linked to the ESG score of the Kendrion Group as rated by Ecovadis. An increase in ESG rating of 10 percent points or more results in a 5 basis point decrease of the margin. Vice versa, a 5 percent point decrease in ESG score, results in a 5 basis points margin increase. In 2025, the ESG rating of the Group improved to 71 out of 100. The initial ESG score of the Group was 58 out of 100 at the inception of the loans in 2022. As a consequence of the 13 percent point improvement of ESG rating, the margin on the loans decreased by 5 basis points. With this continuous improvement in ESG rating, the group is in the top 15% of ESG rated general manufacturing companies. The loans include a financial covenant relating to the leverage ratio. The leverage ratio (calculated as interest bearing debt / normalized EBITDA) should remain below 3.25, which under certain circumstances can be temporarily increased to a maximum of 3.75. This covenant is tested quarterly on a 12-month rolling basis. The actual leverage ratio at year-end was 0.8 (2024: 2.7). A reconciliation of normalized EBITDA can be found on page 222. Revolving credit facility agreement Kendrion has a revolving credit facility agreement with ING Bank and HSBC of EUR 75 million. As of 31 December 2025, no amount was drawn from the facility. In February 2026, the facility was reduced from EUR 75 million to EUR 50 million. The agreement matures in April 2027. The interest rates on the loans are based on Euribor plus a margin (between 1.2% and 2.35%). The margin is based on the leverage ratio of the Group. In addition, the interest rates are linked to the ESG score of the Kendrion Group, via the same mechanism as the Schuldschein loans. The facility agreement includes an option for Kendrion to request to increase the facility of maximum EUR 50 million (incremental facility). In case Kendrion requests an incremental facility, the terms and conditions of this facility are agreed upon separately between Kendrion and the lenders. In addition, the facility agreement allows the Group to attract designated additional alternative sources of debt funding. The leverage ratio covenant is the same as for the Schuldschein loans Credit lines As at 31 December 2025, the Group had the following credit lines available: \u25a0 EUR 75 million revolving credit facility with a syndicate of two banks consisting of HSBC and ING Bank. The credit facility is committed until April 2027 and includes an option (accordion option) to increase the facility by a maximum of EUR 50 million; \u25a0 EUR 52.5 million Schuldschein private placement loan; \u25a0 EUR 6.7 million in leases for buildings, various equipment and vehicles; \u25a0 EUR 6.1 million other loans and overdraft facilities. As at 31 December 2025, the total unutilised amount of the revolving credit facility and overdraft facilities combined was approximately EUR 79 million, excluding accordion option. Security provided A positive pledge is in place for the EUR 75 million Revolving Credit Facility. Interest-rate sensitivity Interest amounts payable on the revolving credit facility and Schuldschein loans are based on short-term interest rate (three and six months). The other loans of EUR 0.6 million and leases of EUR 6.7 million both have fixed interest rates. The interest sensitivity is disclosed on page 184. Lease liabilities The lease liabilities are payable as follows:
EUR million
2025
2024
< 1 year
1.8
2.2
1 - 5 years
4.9
5.6
> 5 years
\u2212
0.1
6.7
7.9
The lease liabilities mostly relate to leases for various buildings & vehicles. Buildings The Group leases properties for its offices and manufacturing facilities. Some lease arrangements contain conditions to revise the rentals based on changes of indices. The leases have an initial term between 3 and 15 years. Majority of the leases include an option to renew the lease for an additional period after the contract term. Key assumption as applied by the Group is that all renewal options, which can be exercised within the mid-term plan period of five years and reasonably certain to be exercised, are taken into consideration on top of the non-cancellable period of the lease. Vehicles and equipment The Group leases equipment with terms of two to five years. Based on experience the likelihood that these lease arrangements are extended for a substantial period (> three months) is remote. Due to this no periods after the non-cancellable period of the lease are taken into consideration. ", "dimensions": { "concept": "ifrs-full:DisclosureOfDebtSecuritiesExplanatory", "language": "en", "entity": "scheme:724500IGR5FBK0RLZI29", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-495": { "value": "
EUR million
2025
2024
Non-current liabilities
Bank syndicate loans
\u2212
13.1
Schuldschein loans
52.4
72.2
Lease liabilities
4.9
5.7
Other loans
\u2212
6.8
57.3
97.8
EUR million
2025
2024
Current liabilities
Current portion lease liabilities
1.8
2.2
Current portion loans
0.6
10.2
2.4
12.4
Bank syndicate Schuldschein Lease
EUR million loans loans
liabilities
Other loans
Total 2024
Carrying amount as at 1 January 2024
62.0
72.2
13.5
10.8
158.5
New liabilities
\u2013
\u2013
1.3
8.4
9.7
Repayments
(49.0)
\u2013
(3.0)
(2.7)
(54.7)
Foreign currency translation differences for foreign operations
\u2013
\u2013
0.0
0.5
0.5
Divestments
A
\u2013
\u2013
(3.8)
\u2013
(3.8)
Other movements
0.1
\u2013
(0.1)
\u2013
(0.0)
Carrying amount as at 31 December 2024
13.1
72.2
7.9
17.0
110.2
A Refer to note 8 Assets held for sale and discontinued operations for more information on the divestment
Bank syndicate Schuldschein Lease
EUR million loans loans
liabilities
Other loans
Total 2025
Carrying amount as at 1 January 2025
13.1
72.2
7.9
17.0
110.2
New liabilities
20.0
\u2212
1.5
\u2212
21.5
Repayments
(33.1)
(20.0)
(2.4)
(3.3)
(58.8)
Foreign currency translation differences for foreign operations
\u2212
\u2212
(0.1)
(1.2)
(1.3)
Divestments
A
\u2212
\u2212
\u2212
(11.9)
(11.9)
Other movements
\u2212
0.2
(0.2)
\u2212
0.0
Carrying amount as at 31 December 2025
\u2212
52.4
6.7
0.6
59.7
A Refer to note 8 Assets held for sale and discontinued operations for more information on the divestment .", "dimensions": { "concept": "ifrs-full:DisclosureOfCashFlowStatementExplanatory", "language": "en", "entity": "scheme:724500IGR5FBK0RLZI29", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-496": { "value": "Security provided A positive pledge is in place for the EUR 75 million Revolving Credit Facility.", "dimensions": { "concept": "ifrs-full:DisclosureOfCollateralExplanatory", "language": "en", "entity": "scheme:724500IGR5FBK0RLZI29", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-498": { "value": "
Employee benefits
EUR million
2025
2024
Present value of unfunded obligations
4.7
5.0
Present value of funded obligations
0.7
0.8
Fair value of plan assets
(0.2)
(0.2)
Recognized net liability for defined benefit obligations
5.2
5.6
Liability for long-service leave and anniversaries
2.3
2.3
Total employee benefits
7.5
7.9
Non current portion
6.8
7.1
Current portion
A
0.7
0.8
The total employee benefit provision as of 31 December 2025 amounts to EUR 7.5 million (2024: EUR 7.9 million). An amount of EUR 6.8 million is presented as non- current employee benefits in the statement of financial position. The remainder of EUR 0.7 million is presented under trade and other payables.
The table shows a reconciliation from the opening to the closing balances for the net defined benefit liability and its components:
Defined benefit obligation
Fair value of plan assets
Net defined benefit liability
EUR million
2025
2024
2025
2024
2025
2024
Balance as at 1 January
5.8
8.2
0.2
0.8
5.6
7.4
Included in statement
of comprehensive income
Current service cost
\u2212
\u2013
\u2212
\u2013
\u2212
\u2013
Past service cost
\u2212
\u2013
\u2212
\u2013
\u2212
\u2013
Interest cost (income)
0.2
0.2
0.0
0.0
0.2
0.2
0.2
0.2
0.0
0.0
0.2
0.2
Included in OCI
Remeasurement loss (gain):
- Actuarial loss (gain) arising from:
- Demographic assumptions
0.0
0.0
\u2212
0.0
0.0
0
- Financial assumptions
(0.1)
0.3
\u2212
\u2013
(0.1)
0.3
- Experience adjustment
0.0
0.1
\u2212
\u2013
0.0
0.1
- Return on plan assets excluding
interest income
\u2212
\u2013
0.0
\u2013
0.0
\u2013
Effect of movements in exchange rates
\u2212
\u2013
0.0
\u2013
0.0
\u2013
(0.1)
0.4
0.0
0.0
(0.1)
0.4
Other
Contributions paid by the employer
\u2212
\u2013
\u2212
\u2013
\u2212
\u2013
Divestments
A
\u2212
(2.6)
\u2212
(0.6)
\u2212
(2.0)
Benefits paid
(0.5)
(0.4)
\u2212
0.0
(0.5)
(0.4)
(0.5)
(3.0)
\u2212
(0.6)
(0.5)
(2.4)
Balance as at 31 December
5.4
5.8
0.2
0.2
5.2
5.6
Actuarial calculations of employee benefits have not been materially influenced by amendments based on historical experience or by variable
assumptions.
A Refer to note 8 Assets held for sale and discontinued operations for more information on the divestment
The Group contributes to the following post-employment defined benefits plans in several countries, mainly in Germany. Below the characteristics
of the major plans are included.
\u25a0 A direct commitment in the form of capital has been agreed upon with the employees, who directly receive this commitment as an one-off payment
upon retirement. An alternative version is a plan where the employees receive monthly payments instead of an one-off payment. The plans are
reviewed on periodic basis;
\u25a0 The Defined-Benefit plan entitles a retired employee to receive a monthly pension payment. The amount of these payments is based on individual
contracts with the respective employee. The person has to be employed for a certain time. Each further year of employment the employee receives
an amount in addition to the contractual fixed amount.
The defined benefit plans are administered by multiple pension funds which are legally separated from the Group. The board of the pension fund is
required to act in the best interest of the plan participants and is responsible for setting certain policies (e.g. investment, contribution and indexation
policies) of the fund. The defined benefit plans expose the Group to actuarial risks, such as longevity risk, interest rate risk and market (investment) risk.
The expenses relating to the defined benefit pension arrangements are included in the following line items of the statement of comprehensive income:
Expense recognized in the consolidated statement of comprehensive income regarding defined benefit arrangements
EUR million
2025
2024
Staff costs
0.0
0.0
Net finance costs
0.2
0.2
0.2
0.2
Principal actuarial assumptions (expressed as weighted averages)
2025
2024
Discount rate as at 31 December
3.0%
3.3%
Future pension increases
1.9%
2.2%
Composition plan assets
EUR million
2025
2024
Bonds
0.2
0.2
Equity
0.0
0.0
Real estate
0.0
0.0
Government loans
0.0
0.0
Total
0.2
0.2
Reasonably possible changes at the reporting date to one of the relevant actuarial assumptions, holding other assumptions constant, would have
affected the defined benefit obligation by the amounts shown below.
Sensitivity analysis
Defined benefit obligation
EUR million
Increase
Decrease
Discount rate (0.5 percent)
(0.2)
0.2
Future salary growth (1.0 percent)
0.0
0.0
Future pension (1.0 percent)
0.3
(0.2)
Future mortality (1.0 percent)
(0.0)
0.0
Although the analysis does not take account of the full distribution of cash flows expected under the plans, it does provide an approximation of the
sensitivity of the assumptions shown. The method for preparing the sensitivity analyses did not changed from prior year.
Assumptions regarding future longevity have been based on published statistics and mortality tables.
As at 31 December 2025, the weighted-average duration of the defined benefit obligation was 4.4 years (2024: 5.7 years). The expected payment for
2026 amounts to EUR 0.7 million (prior year: EUR 0.8 million).
Liabilities arising from employee benefits
The pension plans included defined contribution plans as well as defined benefit plans. In the case of defined contribution plans, the contribution is
charged to the year to which it relates. With defined benefit plans, benefit obligations are calculated using the projected unit credit method. Calculations
are made by qualified actuaries. The pension liability shown in the statement of financial position represents the present value of the defined benefit
obligation at the financial position date minus the fair value of the plan assets at this date. The discount rate methodology for accounting long-term
employee benefits in accordance with IAS 19 is determined by the Executive Board. Significant judgement is required when setting the criteria for bonds
to be included in the population from which the yield curve is derived. The most significant criteria considered for the selection of bonds include the
issue size of the corporate bonds, quality of the bonds and the identification of outliers which are excluded. The discount rate used to calculate the
defined benefit obligation is based on the yield on corporate bonds issued in euros.
Since the pension arrangements involve long-term obligations and uncertainties, it is necessary to make assumptions in order to estimate the amount
that the Group needs to invest to fund its pension obligations. External actuaries calculate the obligation for defined benefit plans partly on the basis
of information provided by the Executive Board, such as future pay rises, the return on plan assets, mortality tables and the probable extent to which
pension scheme members will leave the scheme because they have reached retirement age, become incapacitated or left the Group.
The greater part of the defined benefit obligation at year-end 2025 relates to post employment arrangements in Germany. The group companies
account individually for the pension schemes. The individual group company is fully liable for its benefit obligation. A portion for the German group
companies is reinsured. All pension arrangements accounted for as defined benefit obligations are not open for new participants (< 15% active
participants).
Liabilities arising from employee benefits also include liabilities relating to long-service, early retirement and service anniversaries of EUR 2.3 million
(2024: EUR 2.3 million) mainly in Germany.
Staff costs
A
EUR million
2025
2024
Wages and salaries
69.9
68.0
Social security charges
12.0
11.9
Temporary personnel
2.3
2.8
Contributions to defined contribution plans
1.0
1.2
Expenses related to defined benefit plans
0.0
0.0
Increase in liability for long-service leave
0.0
(0.1)
Other costs of personnel
2.4
2.5
87.6
86.3
Total number of employees and temporary workers at 31 December (FTE) 1,269 1,359
The number of employees and temporary workers as at 31 December 2025 (FTE) working in the Netherlands is 104 (2024: 111). The staff costs 2025
include EUR 1.9 million costs related to restructuring measures (2024: EUR 0.6 million). The staff costs 2025 include a EUR 0.4 million government
grant for R&D activities (2024: EUR 0.4 million).
", "dimensions": { "concept": "ifrs-full:DisclosureOfEmployeeBenefitsExplanatory", "language": "en", "entity": "scheme:724500IGR5FBK0RLZI29", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-499": { "value": "Provisions
EUR million
2025
2024
Balance as at 1 January
6.1
0.7
Provisions made during the period
1.8
5.5
Provisions transferred/used during the period
(4.7)
(0.1)
Provisions released during the period
(0.6)
(0.0)
Balance as at 31 December
2.6
6.1
Non-current portion
2.6
0.9
The addition to the provision in 2025 includes an amount recognized for the remediation of soil contamination by Kendrion OG GmbH . The total costs
of the remediation measures are expected to amount to EUR 1.5 million. Kendrion OG GmbH is eligible for a subsidy equal to 80% of the remediation
costs, which is presented separately as other non-current asset. The net cost of EUR 0.3 million are included in the profit after tax from discontinued
operations in the consolidated statement of profit and loss.
", "dimensions": { "concept": "ifrs-full:DisclosureOfProvisionsExplanatory", "language": "en", "entity": "scheme:724500IGR5FBK0RLZI29", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-500": { "value": "
Trade and other payables
EUR million
2025
2024
Trade payables
14.3
35.4
Other taxes and social security contributions
2.0
2.8
Derivatives used for hedging
0.2
0.5
Non-trade payables
7.5
8.5
Contract liabilities
0.2
0.2
Accrued expenses
9.5
11.5
33.7
58.9
The decrease of trade payables and accrued expenses is mainly attributable to the sale of the China and automotive business, refer to note 8. Non- trade payables relate to various other liabilities such as personnel-related liabilities (social charges, holiday allowance, bonus accruals, vacation days) while accrued expenses relate to other invoices that are expected but not yet received. ", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherPayablesExplanatory", "language": "en", "entity": "scheme:724500IGR5FBK0RLZI29", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-501": { "value": "
The decrease of trade payables and accrued expenses is mainly attributable to the sale of the China and automotive business, refer to note 8. Non-
trade payables relate to various other liabilities such as personnel-related liabilities (social charges, holiday allowance, bonus accruals, vacation days)
while accrued expenses relate to other invoices that are expected but not yet received.
", "dimensions": { "concept": "ifrs-full:DisclosureOfAccruedExpensesAndOtherLiabilitiesExplanatory", "language": "en", "entity": "scheme:724500IGR5FBK0RLZI29", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-503": { "value": "Financial instruments Credit risk The carrying amount of the financial assets represents the maximum credit risk. The maximum credit risk on the reporting date was as follows:
EUR million
2025
2024
Cash and cash equivalents
29.4
8.5
Other long-term investments
1.2
0.2
Trade and other receivables
23.6
58.6
Total
54.2
67.3
Impairment losses Aging analysis of the trade receivables
2025
2024
EUR million
Gross
Provision
Gross
Provision
Within the term of payment
15.8
\u2212
33.9
\u2013
0 \u2013 30 days due
2.9
\u2212
4.1
\u2013
31 \u2013 60 days due
0.2
\u2212
0.8
\u2013
> 60 days due
0.6
(0.5)
1.8
(0.3)
Total trade receivables
19.5
(0.5)
40.6
(0.3)
The provision for trade receivables is used to absorb impairment losses, unless the Group is certain that collection of the amount owed is impossible, in which case the amount is treated as a bad debt and written off against the financial asset in question. At 31 December 2025, the provision for impairment losses on trade receivables relates to several customer invoices that the Group believes to be non-collectible, in whole or in part. Based on historic payment behavior and financial information currently known all receivables that are not impaired as at 31 December 2025 are collectible. This system gives the same outcome as the cash shortfall model as described in IFRS 9. EUR 0.8 million of trade receivables are more than 30 days overdue (2024: EUR 2.6 million), of which EUR 0.5 million is provided for (2024: EUR 0.3 million). The Group has written off EUR 0.3 million receivables in 2025 (2024: EUR 0.7 million), which are recognized under other operating expenses in the statement of comprehensive income. The customer with the largest trade receivables outstanding accounted for 9% of the trade and other receivables as at 31 December 2025 (2024: 8%). The geographical credit risk from the Group\u2019s direct customers is largely concentrated in Germany. However, as the Group\u2019s most important customers in the various segments of the German market are multinational or global players this reduces the Group\u2019s dependency on the German market.
Credit risk rating grades
The credit quality of the Group\u2019s financial assets, as well as the Group\u2019s maximum exposure to credit risk by credit risk rating grades on the reporting
date was as follows:
31 December 2025
2025
External Internal 12-month Gross carrying Loss Net carrying
Note credit rating credit rating or lifetime ECL amount allowance amount
Trade receivables
6
N/A
Low risk
A
Lifetime ECL
19.5
(0.5)
19.0
31 December 2024
2024
External Internal 12-month Gross carrying Loss Net carrying
Note credit rating credit rating or lifetime ECL amount allowance amount
Trade receivables
6
N/A
Low risk
A
Lifetime ECL
40.6
(0.3)
40.3
Liquidity risk The liquidity risk is the risk that the Group is unable to meet its financial obligations at the required time. Liquidity risk management is based on the maintenance of sufficient liquidity in the form of unused (committed) credit facilities or cash to meet present and future financial obligations in normal and adverse circumstances. The contractual terms of the financial obligations, including the estimated interest payments and repayment obligations, are set out on the next page.
31 December 2025 Carrying Contractual
EUR million amount
cash flows
0 \u2013 6 months
6 \u2013 12 months
1 \u2013 2 years
2 \u2013 5 years
\u203a 5 years
Non-derivative financial liabilities
Bank syndicate loans
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
Schuldschein loans
(52.4)
(54.9)
(0.9)
(0.9)
(53.1)
\u2013
\u2013
Lease liabilities
(6.7)
(7.4)
(1.0)
(1.0)
(1.6)
(3.5)
(0.3)
Bank overdrafts
0.0
0.0
\u2013
\u2013
\u2013
\u2013
\u2013
Other loans and borrowings
(0.6)
(0.6)
(0.3)
(0.3)
\u2013
\u2013
\u2013
Trade and other payables
(33.7)
(33.7)
(33.7)
\u2013
\u2013
\u2013
\u2013
Derivative financial assets / liabilities
Interest rate swap contracts
(0.2)
(0.3)
(0.3)
(0.0)
(0.0)
\u2013
\u2013
Forward exchange contracts
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
Total
(93.6)
(96.9)
(36.2)
(2.2)
(54.7)
(3.5)
(0.3)
31 December 2024 Carrying Contractual
EUR million amount
cash flows
0 \u2013 6 months
6 \u2013 12 months
1 \u2013 2 years
2 \u2013 5 years
\u203a 5 years
Non-derivative financial liabilities
Bank syndicate loans
(13.1)
(14.4)
(0.3)
(0.3)
(0.6)
(13.2)
\u2013
Schuldschein loans
(72.2)
(80.2)
(21.3)
(1.0)
(2.0)
(55.9)
\u2013
Lease liabilities
(7.9)
(9.1)
(1.1)
(1.1)
(2.0)
(4.2)
(0.7)
Bank overdrafts
(1.7)
(1.7)
(1.7)
\u2013
\u2013
\u2013
\u2013
Other loans and borrowings
(17.0)
(17.7)
(2.2)
(8.5)
(2.5)
(3.9)
(0.6)
Trade and other payables
(58.9)
(58.9)
(58.9)
\u2013
\u2013
\u2013
\u2013
Derivative financial assets / liabilities
Interest rate swap contracts
0.2
(0.0)
0.1
(0.1)
(0.0)
0.0
\u2013
Forward exchange contracts
0.0
0.0
0.0
\u2013
\u2013
\u2013
\u2013
Total
(170.6)
(182.0)
(85.4)
(11.0)
(7.1)
(77.2)
(1.3)
It is not expected that the cash flows included in the maturity analysis should occur significantly earlier, or at significantly different amounts. Within the scope of the Group\u2019s risk management the Group has hedged the currency and interest risks with derivatives. The interest rate swaps have been designated as cash flow hedges
Interest-rate risk
Part of the Group\u2019s loans is governed by a floating interest rate (usually 6-month EURIBOR). In view of the Treasury Policy, the Group hedges at least
50% of the floating interest rate exposure for the coming year. To this extent the Group has outstanding interest rate swaps with a notional amount of in
total EUR 50 million (2024: EUR 50 million), of which EUR 25 million matures within one year. The aggregate fair value of the outstanding interest rate
swaps as at 31 December 2025 was EUR 0.2 million negative (2024: EUR 0.2 million negative).
The following table shows the interest rates prevailing at the financial position date for interest-bearing financial liabilities. The majority of all interest
expenses relate to senior bank loans. The effective interest rate of these loans equalises the nominal interest rate.
2025
2024
Nominal Year of Carrying Carrying
Currency interest
redemption
Fair value
amount
Fair value
amount
Bank syndicate loans
EUR
IBOR + 1.6%
2027
\u2013
\u2013
13.1
13.1
Schuldschein
EUR
IBOR + 1.2%
2027
52.4
52.4
72.2
72.2
Other loans
EUR
1.40%
2026
0.6
0.6
17.0
17.0
Bank overdrafts
EUR
IBOR + 1.6%
2027
0.0
0.0
1.7
1.7
Lease liabilities
Various
0.9% - 8.3%
Various
6.7
6.7
7.9
7.9
Total interest-bearing debt
59.7
59.7
111.9
111.9
Sensitivity analysis interest
Financial assets and liabilities with a fixed interest rate are not recognized at fair value by processing the value changes in profit or loss. For this reason,
a movement in interest rates across the yield curve at 1 January 2025 would not have had a material effect on the 2025 profit for the period.
The Group has hedged a considerable part of the floating interest rate exposure by means of interest rate swaps. When taking into account these
swaps and the loans with a fixed rate, in total EUR 25.6 million of the EUR 53.0 million long-term and short-term loans, excluding lease liabilities, at
financial year-end have an interest rate which is fixed for one year or longer. Based on the interest-bearing debt levels at year-end and expected cash
flow development, a 1%-point increase in the interest rate across the yield curve as from 1 January 2026, will have an increasing effect on interest
expenses in 2026 of maximum EUR 0.3 million.
Exchange rate risk
A 10%-point appreciation of the currencies listed hereafter against the euro would increase shareholders\u2019 equity as at 31 December 2025 and the result
for 2025 by the amounts shown in the following table. A 10%-point depreciation of the listed currencies against the euro would have had the opposite
effect on the result and equity.
31 December 2025
Equity
Result
US dollar
1.6
0.1
Chinese yuan
(0.1)
(0.0)
Romanian lei
1.5
0.3
Indian rupee
0.3
0.1
31 December 2024
Equity
Result
US dollar
1.1
(0.3)
Chinese yuan
4.8
0.1
Romanian lei
1.2
(0.1)
Indian rupee
0.2
(0.1)
Principal exchange rates during the reporting period were as follows:
Applicable currency rates
Value of EUR
At 31 December 2025
At 31 December 2024
Average over 2025
Chinese yuan
8.2262
7.5833
8.0576
US dollar
1.1750
1.0389
1.1218
Romanian lei
5.0968
4.9743
5.0399
Swedish krona
10.8215
11.4590
11.0692
Indian rupee
105.5966
88.9363
97.7422
Fair values of financial instruments The following table shows the fair values and carrying amounts of the financial instruments:
2025
2024
EUR million
Carrying amount
Fair value
Carrying amount
Fair value
Assets carried at amortized costs
Receivables
23.0
23.0
61.8
61.8
Cash and cash equivalents
29.4
29.4
8.5
8.5
Held to maturity investments
\u2013
\u2013
0.2
0.2
52.4
52.4
70.5
70.5
Liabilities carried at amortized costs
Bank syndicate loans
\u2013
\u2013
(13.1)
(13.1)
Schuldschein loans
(52.4)
(52.4)
(72.2)
(72.2)
Other loans
(0.6)
(0.6)
(17.0)
(17.0)
Lease liabilities
(6.7)
(6.7)
(7.9)
(7.9)
Bank overdraft
0.0
0.0
(1.7)
(1.7)
Trade and other payables (excluding current tax liabilities)
(33.7)
(33.7)
(58.9)
(58.9)
(93.4)
(93.4)
(170.8)
(170.8)
Assets / (Liabilities) carried at fair value
Interest derivatives
(0.2)
(0.2)
0.2
0.2
Forward exchange contracts
\u2013
\u2013
0.0
0.0
(0.2)
(0.2)
0.2
0.2
The Group has no available for sale financial assets and all liabilities at fair value were designated as such upon initial recognition.
The forward exchange contracts and interest derivatives are included in the trade and other payables in the statement of financial position.
Interest rate used in measuring fair value The interest rate used for discounting estimated cash flows, where applicable, is based on the swap curve as at 31 December, augmented by the prevailing credit mark-up, and is as follows:
2025
2024
Derivatives
2.1%
2.7%
Leases
5.0%
5.0%
Bank syndicate loans
3.7%
4.5%
Schulschein loans
3.4%
3.6%
Other loans
1.4%
3.1%
Fair value hierarchy In estimating the fair value of an asset or a liability, the Group uses market-observable data to the extent it is available. The fair value calculation method of all assets and liabilities carried at amortized costs is categorised in level 2 of the fair value hierarchy. The table below analyses financial instruments carried at fair value, by valuation method. The different levels have been defined as follows: level 1 quoted prices (unadjusted in active markets for identical assets or liabilities); level 2 inputs other than quoted prices included within level 1 that are observable for the asset or liability, either directly (i.e. as prices) or indirectly (i.e. derived from prices); level 3 inputs for the asset or liability that are not based on observable market data (unobservable inputs).
Level 1
Level 2
Level 3
Total
31 December 2025
Derivative contracts used for hedging
\u2013
(0.2)
\u2013
(0.2)
Total
\u2013
(0.2)
\u2013
(0.2)
31 December 2024
Derivative contracts used for hedging
\u2013
(0.2)
\u2013
(0.2)
Total
\u2013
(0.2)
\u2013
(0.2)
Master netting The Company has no master netting agreement in place. All derivative instruments are presented individually as either an asset or liability.", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:724500IGR5FBK0RLZI29", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-504": { "value": "
Impairment losses
Aging analysis of the trade receivables
2025
2024
EUR million
Gross
Provision
Gross
Provision
Within the term of payment
15.8
\u2212
33.9
\u2013
0 \u2013 30 days due
2.9
\u2212
4.1
\u2013
31 \u2013 60 days due
0.2
\u2212
0.8
\u2013
> 60 days due
0.6
(0.5)
1.8
(0.3)
Total trade receivables
19.5
(0.5)
40.6
(0.3)
The provision for trade receivables is used to absorb impairment losses, unless the Group is certain that collection of the amount owed is impossible,
in which case the amount is treated as a bad debt and written off against the financial asset in question.
At 31 December 2025, the provision for impairment losses on trade receivables relates to several customer invoices that the Group
believes to be non-collectible, in whole or in part. Based on historic payment behavior and financial information currently known all receivables that
are not impaired as at 31 December 2025 are collectible. This system gives the same outcome as the cash shortfall model as described in IFRS 9.
EUR 0.8 million of trade receivables are more than 30 days overdue (2024: EUR 2.6 million), of which EUR 0.5 million is provided for (2024:
EUR 0.3 million). The Group has written off EUR 0.3 million receivables in 2025 (2024: EUR 0.7 million), which are recognized under other operating
expenses in the statement of comprehensive income.
The customer with the largest trade receivables outstanding accounted for 9% of the trade and other receivables as at 31 December 2025 (2024: 8%).
The geographical credit risk from the Group\u2019s direct customers is largely concentrated in Germany. However, as the Group\u2019s most important customers
in the various segments of the German market are multinational or global players this reduces the Group\u2019s dependency on the German market.
", "dimensions": { "concept": "ifrs-full:DisclosureOfAllowanceForCreditLossesExplanatory", "language": "en", "entity": "scheme:724500IGR5FBK0RLZI29", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-506": { "value": "
31 December 2025 Carrying Contractual
EUR million amount
cash flows
0 \u2013 6 months
6 \u2013 12 months
1 \u2013 2 years
2 \u2013 5 years
\u203a 5 years
Non-derivative financial liabilities
Bank syndicate loans
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
Schuldschein loans
(52.4)
(54.9)
(0.9)
(0.9)
(53.1)
\u2013
\u2013
Lease liabilities
(6.7)
(7.4)
(1.0)
(1.0)
(1.6)
(3.5)
(0.3)
Bank overdrafts
0.0
0.0
\u2013
\u2013
\u2013
\u2013
\u2013
Other loans and borrowings
(0.6)
(0.6)
(0.3)
(0.3)
\u2013
\u2013
\u2013
Trade and other payables
(33.7)
(33.7)
(33.7)
\u2013
\u2013
\u2013
\u2013
Derivative financial assets / liabilities
Interest rate swap contracts
(0.2)
(0.3)
(0.3)
(0.0)
(0.0)
\u2013
\u2013
Forward exchange contracts
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
Total
(93.6)
(96.9)
(36.2)
(2.2)
(54.7)
(3.5)
(0.3)
31 December 2024 Carrying Contractual
EUR million amount
cash flows
0 \u2013 6 months
6 \u2013 12 months
1 \u2013 2 years
2 \u2013 5 years
\u203a 5 years
Non-derivative financial liabilities
Bank syndicate loans
(13.1)
(14.4)
(0.3)
(0.3)
(0.6)
(13.2)
\u2013
Schuldschein loans
(72.2)
(80.2)
(21.3)
(1.0)
(2.0)
(55.9)
\u2013
Lease liabilities
(7.9)
(9.1)
(1.1)
(1.1)
(2.0)
(4.2)
(0.7)
Bank overdrafts
(1.7)
(1.7)
(1.7)
\u2013
\u2013
\u2013
\u2013
Other loans and borrowings
(17.0)
(17.7)
(2.2)
(8.5)
(2.5)
(3.9)
(0.6)
Trade and other payables
(58.9)
(58.9)
(58.9)
\u2013
\u2013
\u2013
\u2013
Derivative financial assets / liabilities
Interest rate swap contracts
0.2
(0.0)
0.1
(0.1)
(0.0)
0.0
\u2013
Forward exchange contracts
0.0
0.0
0.0
\u2013
\u2013
\u2013
\u2013
Total
(170.6)
(182.0)
(85.4)
(11.0)
(7.1)
(77.2)
(1.3)
It is not expected that the cash flows included in the maturity analysis should occur significantly earlier, or at significantly different amounts. Within the scope of the Group\u2019s risk management the Group has hedged the currency and interest risks with derivatives. The interest rate swaps have been designated as cash flow hedges", "dimensions": { "concept": "ifrs-full:DisclosureOfDerivativeFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:724500IGR5FBK0RLZI29", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-509": { "value": "
Fair values of financial instruments
The following table shows the fair values and carrying amounts of the financial instruments:
2025
2024
EUR million
Carrying amount
Fair value
Carrying amount
Fair value
Assets carried at amortized costs
Receivables
23.0
23.0
61.8
61.8
Cash and cash equivalents
29.4
29.4
8.5
8.5
Held to maturity investments
\u2013
\u2013
0.2
0.2
52.4
52.4
70.5
70.5
Liabilities carried at amortized costs
Bank syndicate loans
\u2013
\u2013
(13.1)
(13.1)
Schuldschein loans
(52.4)
(52.4)
(72.2)
(72.2)
Other loans
(0.6)
(0.6)
(17.0)
(17.0)
Lease liabilities
(6.7)
(6.7)
(7.9)
(7.9)
Bank overdraft
0.0
0.0
(1.7)
(1.7)
Trade and other payables (excluding current tax liabilities)
(33.7)
(33.7)
(58.9)
(58.9)
(93.4)
(93.4)
(170.8)
(170.8)
Assets / (Liabilities) carried at fair value
Interest derivatives
(0.2)
(0.2)
0.2
0.2
Forward exchange contracts
\u2013
\u2013
0.0
0.0
(0.2)
(0.2)
0.2
0.2
The Group has no available for sale financial assets and all liabilities at fair value were designated as such upon initial recognition. The forward exchange contracts and interest derivatives are included in the trade and other payables in the statement of financial position. Interest rate used in measuring fair value The interest rate used for discounting estimated cash flows, where applicable, is based on the swap curve as at 31 December, augmented by the prevailing credit mark-up, and is as follows:
2025
2024
Derivatives
2.1%
2.7%
Leases
5.0%
5.0%
Bank syndicate loans
3.7%
4.5%
Schulschein loans
3.4%
3.6%
Other loans
1.4%
3.1%
Fair value hierarchy In estimating the fair value of an asset or a liability, the Group uses market-observable data to the extent it is available. The fair value calculation method of all assets and liabilities carried at amortized costs is categorised in level 2 of the fair value hierarchy. The table below analyses financial instruments carried at fair value, by valuation method. The different levels have been defined as follows: level 1 quoted prices (unadjusted in active markets for identical assets or liabilities); level 2 inputs other than quoted prices included within level 1 that are observable for the asset or liability, either directly (i.e. as prices) or indirectly (i.e. derived from prices); level 3 inputs for the asset or liability that are not based on observable market data (unobservable inputs).
Level 1
Level 2
Level 3
Total
31 December 2025
Derivative contracts used for hedging
\u2013
(0.2)
\u2013
(0.2)
Total
\u2013
(0.2)
\u2013
(0.2)
31 December 2024
Derivative contracts used for hedging
\u2013
(0.2)
\u2013
(0.2)
Total
\u2013
(0.2)
\u2013
(0.2)
Master netting The Company has no master netting agreement in place. All derivative instruments are presented individually as either an asset or liability.", "dimensions": { "concept": "ifrs-full:DisclosureOfFairValueOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:724500IGR5FBK0RLZI29", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-510": { "value": "Fair values of financial instruments The following table shows the fair values and carrying amounts of the financial instruments:
2025
2024
EUR million
Carrying amount
Fair value
Carrying amount
Fair value
Assets carried at amortized costs
Receivables
23.0
23.0
61.8
61.8
Cash and cash equivalents
29.4
29.4
8.5
8.5
Held to maturity investments
\u2013
\u2013
0.2
0.2
52.4
52.4
70.5
70.5
Liabilities carried at amortized costs
Bank syndicate loans
\u2013
\u2013
(13.1)
(13.1)
Schuldschein loans
(52.4)
(52.4)
(72.2)
(72.2)
Other loans
(0.6)
(0.6)
(17.0)
(17.0)
Lease liabilities
(6.7)
(6.7)
(7.9)
(7.9)
Bank overdraft
0.0
0.0
(1.7)
(1.7)
Trade and other payables (excluding current tax liabilities)
(33.7)
(33.7)
(58.9)
(58.9)
(93.4)
(93.4)
(170.8)
(170.8)
Assets / (Liabilities) carried at fair value
Interest derivatives
(0.2)
(0.2)
0.2
0.2
Forward exchange contracts
\u2013
\u2013
0.0
0.0
(0.2)
(0.2)
0.2
0.2
The Group has no available for sale financial assets and all liabilities at fair value were designated as such upon initial recognition. The forward exchange contracts and interest derivatives are included in the trade and other payables in the statement of financial position.
Interest rate used in measuring fair value
The interest rate used for discounting estimated cash flows, where applicable, is based on the swap curve as at 31 December, augmented by the
prevailing credit mark-up, and is as follows:
2025
2024
Derivatives
2.1%
2.7%
Leases
5.0%
5.0%
Bank syndicate loans
3.7%
4.5%
Schulschein loans
3.4%
3.6%
Other loans
1.4%
3.1%
Fair value hierarchy
In estimating the fair value of an asset or a liability, the Group uses market-observable data to the extent it is available. The fair value calculation method
of all assets and liabilities carried at amortized costs is categorised in level 2 of the fair value hierarchy. The table below analyses financial instruments
carried at fair value, by valuation method. The different levels have been defined as follows:
level 1 quoted prices (unadjusted in active markets for identical assets or liabilities);
level 2 inputs other than quoted prices included within level 1 that are observable for the asset or liability, either directly (i.e. as prices) or indirectly
(i.e. derived from prices);
level 3 inputs for the asset or liability that are not based on observable market data (unobservable inputs).
Level 1
Level 2
Level 3
Total
31 December 2025
Derivative contracts used for hedging
\u2013
(0.2)
\u2013
(0.2)
Total
\u2013
(0.2)
\u2013
(0.2)
31 December 2024
Derivative contracts used for hedging
\u2013
(0.2)
\u2013
(0.2)
Total
\u2013
(0.2)
\u2013
(0.2)
Master netting
The Company has no master netting agreement in place. All derivative instruments are presented individually as either an asset or liability.
", "dimensions": { "concept": "ifrs-full:DisclosureOfFairValueMeasurementExplanatory", "language": "en", "entity": "scheme:724500IGR5FBK0RLZI29", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-511": { "value": "
Capital commitments
As at 31 December 2025 the Group had capital commitments totaling to EUR 0.9 million (2024: EUR 1.3 million).
", "dimensions": { "concept": "ifrs-full:DisclosureOfCommitmentsExplanatory", "language": "en", "entity": "scheme:724500IGR5FBK0RLZI29", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-512": { "value": "
Contingent assets and liabilities
The Group had guarantees in particular with regard to rentals, financing facilities and post employee benefits totaling to EUR 1.5 million
(2024: EUR 1.8 million).
On 29 September 2025, Kendrion Automotive (Sibiu) SRL and Knorr-Bremse announced that they have entered into a long-term cooperation
agreement. The agreement secures phased capacity sharing and agreed future ownership transfer of the plant of Kendrion Automotive (Sibiu) SRL to
Knorr-Bremse by the end of 2028 latest. This transaction is part of Kendrion\u2019s strategic repositioning to a pure-play Industrial company focusing entirely
on industrial growth opportunities. As part of the agreement, Knorr-Bremse will make phased financial contributions to Kendrion for capacity sharing
and assumes a portion of the fixed costs associated with Sibiu\u2019s electronics operations. In addition, Kendrion will receive a cash consideration of
EUR 4 million. This amount is dependent on certain predefined milestones. In 2025, an amount of EUR 0.9 million is recognized in the consolidated
statement of profit and loss. The remaining EUR 3.1 million will be recognized in the upcoming years, based on achievements of future milestones, and
is therefore presented as a contingent asset.
The Group has divested itself of a number of companies in the past. The customary representations and warranties for transactions of this nature are
included in the relevant share or asset purchase agreements. The Group, as is customary for transactions of this nature, also issued representations
and warranties for potential (tax) claims relating to periods prior to the various divestment dates.
The agreement relating to the divestment of Automotive activities in Europe and USA includes guarantees from Kendrion. The buyer is obliged to
undertake a warranty and indemnity insurance under an insurance policy (the \u201cW&I Insurance\u201d) covering the majority of Kendrion\u2019s guarantees.
Except for cases of willful misconduct or fraud, any liability of Kendrion arising from unsecured claims not covered by the W&I Insurance shall be limited
to EUR 1.00.
", "dimensions": { "concept": "ifrs-full:DisclosureOfCommitmentsAndContingentLiabilitiesExplanatory", "language": "en", "entity": "scheme:724500IGR5FBK0RLZI29", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-513": { "value": "Contingent assets and liabilities The Group had guarantees in particular with regard to rentals, financing facilities and post employee benefits totaling to EUR 1.5 million (2024: EUR 1.8 million). On 29 September 2025, Kendrion Automotive (Sibiu) SRL and Knorr-Bremse announced that they have entered into a long-term cooperation agreement. The agreement secures phased capacity sharing and agreed future ownership transfer of the plant of Kendrion Automotive (Sibiu) SRL to Knorr-Bremse by the end of 2028 latest. This transaction is part of Kendrion\u2019s strategic repositioning to a pure-play Industrial company focusing entirely on industrial growth opportunities. As part of the agreement, Knorr-Bremse will make phased financial contributions to Kendrion for capacity sharing and assumes a portion of the fixed costs associated with Sibiu\u2019s electronics operations. In addition, Kendrion will receive a cash consideration of EUR 4 million. This amount is dependent on certain predefined milestones. In 2025, an amount of EUR 0.9 million is recognized in the consolidated statement of profit and loss. The remaining EUR 3.1 million will be recognized in the upcoming years, based on achievements of future milestones, and is therefore presented as a contingent asset. The Group has divested itself of a number of companies in the past. The customary representations and warranties for transactions of this nature are included in the relevant share or asset purchase agreements. The Group, as is customary for transactions of this nature, also issued representations and warranties for potential (tax) claims relating to periods prior to the various divestment dates. The agreement relating to the divestment of Automotive activities in Europe and USA includes guarantees from Kendrion. The buyer is obliged to undertake a warranty and indemnity insurance under an insurance policy (the \u201cW&I Insurance\u201d) covering the majority of Kendrion\u2019s guarantees. Except for cases of willful misconduct or fraud, any liability of Kendrion arising from unsecured claims not covered by the W&I Insurance shall be limited to EUR 1.00.", "dimensions": { "concept": "ifrs-full:DisclosureOfContingentLiabilitiesExplanatory", "language": "en", "entity": "scheme:724500IGR5FBK0RLZI29", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-514": { "value": "Operating segments The Group, in accordance with IFRS 8, has included general and entity-wide disclosures in these consolidated financial statements. Geographical segments based on physical location of the Group operating companies The revenue and non-current assets per geographic area are specified below.
The Netherlands
Germany
Other
European countries
EUR million
2025
2024
2025
2024
2025
2024
Revenue from transactions with third parties
14.2
15.5
164.3
175.4
49.2
39.3
Other non-current assets
21.6
22.5
115.3
125.9
11.2
7.8
Deferred tax assets
0.6
1.0
9.1
11.3
0.8
0.2
Net liability for defined benefit obligations
\u2212
\u2212
4.3
4.6
0.2
0.2
Asia
The Americas
Consolidated
A A
EUR million
2025
2024
2025
2024
2025
2024
Revenue from transactions with third parties
3.0
2.7
14.8
14.6
245.5
247.5
Other non-current assets
1.5
43.2
11.4
13.3
161.0
212.7
Deferred tax assets
\u2212
6.5
1.8
2.4
12.3
21.4
Net liability for defined benefit obligations
\u2212
\u2212
\u2212
\u2212
4.5
4.8
Revenue segmented by customer location
A
EUR million
2025
2024
Germany
120.6
116.0
Other European countries
87.6
91.6
Asia
16.6
18.9
The Americas
18.7
19.1
Other countries
2.0
1.9
Total
245.5
247.5
A
The 2024 revenue from transactions with third parties were re-presented to present the continuing operations only in accordance with IFRS 5. Reference is made to note 8 for more details on results from discontinued operations . Information about reportable segments In 2024 and 2025, Kendrion sold its Automotive business in Europe, China and the USA. Through these transactions, Kendrion completed its strategic repositioning by focusing entirely on industrial growth opportunities in Europe and the USA. The European Automotive Sound and Electronics business (Mobility) remains with Kendrion, and has been organizationally integrated into IAC, but are reported on separately. After the transactions, these activities have been considered a separate operating segment, Mobility (previously named Other business). The business groups Industrial brakes (IB) and Industrial Actuators and Controls (IAC) remain unchanged. As part of the strategic repositioning, Kendrion will focus its product development resources entirely on the industrial segments. With the Knorr-Bremse phased capacity sharing and future owenrship transfer, Mobility activities will be phased-out in the future, refer to note 18 for more details. Thus based on the structure of the Group and the criteria of IFRS 8, Kendrion has concluded it has three operating segments, the business groups \u201cIndustrial Brakes\u2019 and \u2018Industrial Actuators and Controls\u2019, and \u2018Mobility\u2019. Based on the aggregation criteria of IFRS 8, Industrial Brakes and Industrial Actuators and Controls have been aggregated into one reportable segment. The industrial activities of the business units Industrial Brakes and Industrial Actuators and Controls focus on developing and manufacturing electromagnetic systems and components for industrial applications. These business units also have similar economic characteristics and display a number of similarities with respect to their technology, production processes, equipment and customers.
Industrial
Mobility
Consolidated
B B B
EUR million
2025
2024
2025
2024
2025
2024
Revenue from transactions with third parties
204.1
207.6
41.4
39.9
245.5
247.5
Inter-segment revenue
0.0
0.0
0.0
0.0
0.0
0.0
EBITDA
A
29.9
29.6
6.4
1.0
36.3
30.6
EBITDA as a % of revenue
A
14.6%
14.3%
15.4%
2.5%
14.8%
12.4%
Normalized EBITDA
A
31.6
30.3
6.5
2.9
38.1
33.2
Normalized EBITDA as a % of revenue
A
15.5%
14.6%
15.7%
7.3%
15.5%
13.4%
Reportable segment assets
214.1
261.7
58.1
103.1
272.2
364.8
Reportable segment employees (FTE)
1,068
1,101
201
258
1,269
1,359
Disaggregation revenue
B
EUR million
2025
2024
Revenue from serial produced goods
243.3
245.2
Revenue from engineering and samples
2.2
2.3
Total
245.5
247.5
A Non-IFRS financial measure. For the definition and reconciliation of the most directly comparable IFRS measure, refer to reconciliation of non-IFRS information, starting on page 219. B 2024 numbers were re-presented to present the continuing operations only in accordance with IFRS 5. Reference is made to note 8 for more details on results from discontinued operations.", "dimensions": { "concept": "ifrs-full:DisclosureOfEntitysReportableSegmentsExplanatory", "language": "en", "entity": "scheme:724500IGR5FBK0RLZI29", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-515": { "value": "
Geographical segments based on physical location of the Group operating companies
The revenue and non-current assets per geographic area are specified below.
The Netherlands
Germany
Other
European countries
EUR million
2025
2024
2025
2024
2025
2024
Revenue from transactions with third parties
14.2
15.5
164.3
175.4
49.2
39.3
Other non-current assets
21.6
22.5
115.3
125.9
11.2
7.8
Deferred tax assets
0.6
1.0
9.1
11.3
0.8
0.2
Net liability for defined benefit obligations
\u2212
\u2212
4.3
4.6
0.2
0.2
Asia
The Americas
Consolidated
A A
EUR million
2025
2024
2025
2024
2025
2024
Revenue from transactions with third parties
3.0
2.7
14.8
14.6
245.5
247.5
Other non-current assets
1.5
43.2
11.4
13.3
161.0
212.7
Deferred tax assets
\u2212
6.5
1.8
2.4
12.3
21.4
Net liability for defined benefit obligations
\u2212
\u2212
\u2212
\u2212
4.5
4.8
Revenue segmented by customer location
A
EUR million
2025
2024
Germany
120.6
116.0
Other European countries
87.6
91.6
Asia
16.6
18.9
The Americas
18.7
19.1
Other countries
2.0
1.9
Total
245.5
247.5
A
The 2024 revenue from transactions with third parties were re-presented to present the continuing operations only in accordance with IFRS 5.
Reference is made to note 8 for more details on results from discontinued operations .
Information about reportable segments In 2024 and 2025, Kendrion sold its Automotive business in Europe, China and the USA. Through these transactions, Kendrion completed its strategic repositioning by focusing entirely on industrial growth opportunities in Europe and the USA. The European Automotive Sound and Electronics business (Mobility) remains with Kendrion, and has been organizationally integrated into IAC, but are reported on separately. After the transactions, these activities have been considered a separate operating segment, Mobility (previously named Other business). The business groups Industrial brakes (IB) and Industrial Actuators and Controls (IAC) remain unchanged. As part of the strategic repositioning, Kendrion will focus its product development resources entirely on the industrial segments. With the Knorr-Bremse phased capacity sharing and future owenrship transfer, Mobility activities will be phased-out in the future, refer to note 18 for more details. Thus based on the structure of the Group and the criteria of IFRS 8, Kendrion has concluded it has three operating segments, the business groups \u201cIndustrial Brakes\u2019 and \u2018Industrial Actuators and Controls\u2019, and \u2018Mobility\u2019. Based on the aggregation criteria of IFRS 8, Industrial Brakes and Industrial Actuators and Controls have been aggregated into one reportable segment. The industrial activities of the business units Industrial Brakes and Industrial Actuators and Controls focus on developing and manufacturing electromagnetic systems and components for industrial applications. These business units also have similar economic characteristics and display a number of similarities with respect to their technology, production processes, equipment and customers.
Industrial
Mobility
Consolidated
B B B
EUR million
2025
2024
2025
2024
2025
2024
Revenue from transactions with third parties
204.1
207.6
41.4
39.9
245.5
247.5
Inter-segment revenue
0.0
0.0
0.0
0.0
0.0
0.0
EBITDA
A
29.9
29.6
6.4
1.0
36.3
30.6
EBITDA as a % of revenue
A
14.6%
14.3%
15.4%
2.5%
14.8%
12.4%
Normalized EBITDA
A
31.6
30.3
6.5
2.9
38.1
33.2
Normalized EBITDA as a % of revenue
A
15.5%
14.6%
15.7%
7.3%
15.5%
13.4%
Reportable segment assets
214.1
261.7
58.1
103.1
272.2
364.8
Reportable segment employees (FTE)
1,068
1,101
201
258
1,269
1,359
Disaggregation revenue
B
EUR million
2025
2024
Revenue from serial produced goods
243.3
245.2
Revenue from engineering and samples
2.2
2.3
Total
245.5
247.5
A Non-IFRS financial measure. For the definition and reconciliation of the most directly comparable IFRS measure, refer to reconciliation of non-IFRS information, starting on page 219. B 2024 numbers were re-presented to present the continuing operations only in accordance with IFRS 5. Reference is made to note 8 for more details on results from discontinued operations.", "dimensions": { "concept": "ifrs-full:DisclosureOfRevenueFromContractsWithCustomersExplanatory", "language": "en", "entity": "scheme:724500IGR5FBK0RLZI29", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-516": { "value": "Geographical segments based on physical location of the Group operating companies The revenue and non-current assets per geographic area are specified below.
The Netherlands
Germany
Other
European countries
EUR million
2025
2024
2025
2024
2025
2024
Revenue from transactions with third parties
14.2
15.5
164.3
175.4
49.2
39.3
Other non-current assets
21.6
22.5
115.3
125.9
11.2
7.8
Deferred tax assets
0.6
1.0
9.1
11.3
0.8
0.2
Net liability for defined benefit obligations
\u2212
\u2212
4.3
4.6
0.2
0.2
Asia
The Americas
Consolidated
A A
EUR million
2025
2024
2025
2024
2025
2024
Revenue from transactions with third parties
3.0
2.7
14.8
14.6
245.5
247.5
Other non-current assets
1.5
43.2
11.4
13.3
161.0
212.7
Deferred tax assets
\u2212
6.5
1.8
2.4
12.3
21.4
Net liability for defined benefit obligations
\u2212
\u2212
\u2212
\u2212
4.5
4.8
Revenue segmented by customer location
A
EUR million
2025
2024
Germany
120.6
116.0
Other European countries
87.6
91.6
Asia
16.6
18.9
The Americas
18.7
19.1
Other countries
2.0
1.9
Total
245.5
247.5
A
The 2024 revenue from transactions with third parties were re-presented to present the continuing operations only in accordance with IFRS 5. Reference is made to note 8 for more details on results from discontinued operations Information about reportable segments In 2024 and 2025, Kendrion sold its Automotive business in Europe, China and the USA. Through these transactions, Kendrion completed its strategic repositioning by focusing entirely on industrial growth opportunities in Europe and the USA. The European Automotive Sound and Electronics business (Mobility) remains with Kendrion, and has been organizationally integrated into IAC, but are reported on separately. After the transactions, these activities have been considered a separate operating segment, Mobility (previously named Other business). The business groups Industrial brakes (IB) and Industrial Actuators and Controls (IAC) remain unchanged. As part of the strategic repositioning, Kendrion will focus its product development resources entirely on the industrial segments. With the Knorr-Bremse phased capacity sharing and future owenrship transfer, Mobility activities will be phased-out in the future, refer to note 18 for more details. Thus based on the structure of the Group and the criteria of IFRS 8, Kendrion has concluded it has three operating segments, the business groups \u201cIndustrial Brakes\u2019 and \u2018Industrial Actuators and Controls\u2019, and \u2018Mobility\u2019. Based on the aggregation criteria of IFRS 8, Industrial Brakes and Industrial Actuators and Controls have been aggregated into one reportable segment. The industrial activities of the business units Industrial Brakes and Industrial Actuators and Controls focus on developing and manufacturing electromagnetic systems and components for industrial applications. These business units also have similar economic characteristics and display a number of similarities with respect to their technology, production processes, equipment and customers.
Industrial
Mobility
Consolidated
B B B
EUR million
2025
2024
2025
2024
2025
2024
Revenue from transactions with third parties
204.1
207.6
41.4
39.9
245.5
247.5
Inter-segment revenue
0.0
0.0
0.0
0.0
0.0
0.0
EBITDA
A
29.9
29.6
6.4
1.0
36.3
30.6
EBITDA as a % of revenue
A
14.6%
14.3%
15.4%
2.5%
14.8%
12.4%
Normalized EBITDA
A
31.6
30.3
6.5
2.9
38.1
33.2
Normalized EBITDA as a % of revenue
A
15.5%
14.6%
15.7%
7.3%
15.5%
13.4%
Reportable segment assets
214.1
261.7
58.1
103.1
272.2
364.8
Reportable segment employees (FTE)
1,068
1,101
201
258
1,269
1,359
Disaggregation revenue
B
EUR million
2025
2024
Revenue from serial produced goods
243.3
245.2
Revenue from engineering and samples
2.2
2.3
Total
245.5
247.5
A Non-IFRS financial measure. For the definition and reconciliation of the most directly comparable IFRS measure, refer to reconciliation of non-IFRS information, starting on page 219. B 2024 numbers were re-presented to present the continuing operations only in accordance with IFRS 5. Reference is made to note 8 for more details on results from discontinued operations.", "dimensions": { "concept": "ifrs-full:DisclosureOfRevenueExplanatory", "language": "en", "entity": "scheme:724500IGR5FBK0RLZI29", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-517": { "value": "Staff costs
A
EUR million
2025
2024
Wages and salaries
69.9
68.0
Social security charges
12.0
11.9
Temporary personnel
2.3
2.8
Contributions to defined contribution plans
1.0
1.2
Expenses related to defined benefit plans
0.0
0.0
Increase in liability for long-service leave
0.0
(0.1)
Other costs of personnel
2.4
2.5
87.6
86.3
Total number of employees and temporary workers at 31 December (FTE) 1,269 1,359 The number of employees and temporary workers as at 31 December 2025 (FTE) working in the Netherlands is 104 (2024: 111). The staff costs 2025 include EUR 1.9 million costs related to restructuring measures (2024: EUR 0.6 million). The staff costs 2025 include a EUR 0.4 million government grant for R&D activities (2024: EUR 0.4 million). Other operating expenses
A
EUR million
2025
2024
Increase/(Decrease) in provision for doubtful debts
0.2
0.5
Premises costs
5.1
4.9
Maintenance expenses
4.6
4.1
Transport expenses
1.4
1.3
Consultancy expenses
3.2
2.8
Sales and promotion expenses
0.8
0.7
Car, travel and representation costs
1.4
1.3
Insurance
1.3
1.7
Other
1.0
0.6
19.0
17.9
Research & Development expenses (including staff and other operating expenses) for 2025 totaled EUR 11.1 million (2024: EUR 11.3 million). 2024 numbers were re-presented to present the continuing operations only in accordance with IFRS 5. Reference is made to note 8 for more details on results from discontinued operations", "dimensions": { "concept": "ifrs-full:DisclosureOfExpensesExplanatory", "language": "en", "entity": "scheme:724500IGR5FBK0RLZI29", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-518": { "value": "Total number of employees and temporary workers at 31 December (FTE) 1,269 1,359 The number of employees and temporary workers as at 31 December 2025 (FTE) working in the Netherlands is 104 (2024: 111). The staff costs 2025 include EUR 1.9 million costs related to restructuring measures (2024: EUR 0.6 million). The staff costs 2025 include a EUR 0.4 million government grant for R&D activities (2024: EUR 0.4 million). ", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutEmployeesExplanatory", "language": "en", "entity": "scheme:724500IGR5FBK0RLZI29", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-519": { "value": "The staff costs 2025 include a EUR 0.4 million government grant for R&D activities (2024: EUR 0.4 million). ", "dimensions": { "concept": "ifrs-full:DisclosureOfGovernmentGrantsExplanatory", "language": "en", "entity": "scheme:724500IGR5FBK0RLZI29", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-520": { "value": "
Other operating expenses
A
EUR million
2025
2024
Increase/(Decrease) in provision for doubtful debts
0.2
0.5
Premises costs
5.1
4.9
Maintenance expenses
4.6
4.1
Transport expenses
1.4
1.3
Consultancy expenses
3.2
2.8
Sales and promotion expenses
0.8
0.7
Car, travel and representation costs
1.4
1.3
Insurance
1.3
1.7
Other
1.0
0.6
19.0
17.9
Research & Development expenses (including staff and other operating expenses) for 2025 totaled EUR 11.1 million (2024: EUR 11.3 million).
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherOperatingExpenseExplanatory", "language": "en", "entity": "scheme:724500IGR5FBK0RLZI29", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-521": { "value": "Research & Development expenses (including staff and other operating expenses) for 2025 totaled EUR 11.1 million (2024: EUR 11.3 million). ", "dimensions": { "concept": "ifrs-full:DisclosureOfResearchAndDevelopmentExpenseExplanatory", "language": "en", "entity": "scheme:724500IGR5FBK0RLZI29", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-522": { "value": "
Net finance costs
A
EUR million
2025
2024
Interest income
0.1
0.1
Net exchange gain
0.0
\u2013
Finance income
0.1
0.1
Interest expenses
(3.1)
(2.8)
Interest expenses related to lease liabilities
(0.5)
(0.5)
Interest expenses related to employee benefits
(0.2)
(0.2)
Net exchange loss
\u2212
(0.5)
Finance expense
(3.8)
(4.0)
Net financing costs
(3.7)
(3.9)
", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestIncomeExpenseExplanatory", "language": "en", "entity": "scheme:724500IGR5FBK0RLZI29", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-523": { "value": "Net finance costs
A
EUR million
2025
2024
Interest income
0.1
0.1
Net exchange gain
0.0
\u2013
Finance income
0.1
0.1
Interest expenses
(3.1)
(2.8)
Interest expenses related to lease liabilities
(0.5)
(0.5)
Interest expenses related to employee benefits
(0.2)
(0.2)
Net exchange loss
\u2212
(0.5)
Finance expense
(3.8)
(4.0)
Net financing costs
(3.7)
(3.9)
", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestExpenseExplanatory", "language": "en", "entity": "scheme:724500IGR5FBK0RLZI29", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-524": { "value": "Net finance costs
A
EUR million
2025
2024
Interest income
0.1
0.1
Net exchange gain
0.0
\u2013
Finance income
0.1
0.1
Interest expenses
(3.1)
(2.8)
Interest expenses related to lease liabilities
(0.5)
(0.5)
Interest expenses related to employee benefits
(0.2)
(0.2)
Net exchange loss
\u2212
(0.5)
Finance expense
(3.8)
(4.0)
Net financing costs
(3.7)
(3.9)
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceIncomeExpenseExplanatory", "language": "en", "entity": "scheme:724500IGR5FBK0RLZI29", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-525": { "value": "Net finance costs
A
EUR million
2025
2024
Interest income
0.1
0.1
Net exchange gain
0.0
\u2013
Finance income
0.1
0.1
Interest expenses
(3.1)
(2.8)
Interest expenses related to lease liabilities
(0.5)
(0.5)
Interest expenses related to employee benefits
(0.2)
(0.2)
Net exchange loss
\u2212
(0.5)
Finance expense
(3.8)
(4.0)
Net financing costs
(3.7)
(3.9)
", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestIncomeExplanatory", "language": "en", "entity": "scheme:724500IGR5FBK0RLZI29", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-526": { "value": "Net finance costs
A
EUR million
2025
2024
Interest income
0.1
0.1
Net exchange gain
0.0
\u2013
Finance income
0.1
0.1
Interest expenses
(3.1)
(2.8)
Interest expenses related to lease liabilities
(0.5)
(0.5)
Interest expenses related to employee benefits
(0.2)
(0.2)
Net exchange loss
\u2212
(0.5)
Finance expense
(3.8)
(4.0)
Net financing costs
(3.7)
(3.9)
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceIncomeExplanatory", "language": "en", "entity": "scheme:724500IGR5FBK0RLZI29", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-527": { "value": "Net finance costs
A
EUR million
2025
2024
Interest income
0.1
0.1
Net exchange gain
0.0
\u2013
Finance income
0.1
0.1
Interest expenses
(3.1)
(2.8)
Interest expenses related to lease liabilities
(0.5)
(0.5)
Interest expenses related to employee benefits
(0.2)
(0.2)
Net exchange loss
\u2212
(0.5)
Finance expense
(3.8)
(4.0)
Net financing costs
(3.7)
(3.9)
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceCostExplanatory", "language": "en", "entity": "scheme:724500IGR5FBK0RLZI29", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-528": { "value": "
Income tax
A
EUR million
2025
2024
Current tax charge
4.3
4.6
Deferred tax charge
(0.6)
(2.4)
Total corporation tax expenses in the income statement
3.7
2.2
Reconciliation of effective tax rate
Reconciliation effective tax rate
Reconciliation in EUR million
A A
2025
2024
2025
2024
Profit before income tax
17.3
10.6
Income tax expense at local corporation tax rate
25.8%
25.8%
4.5
2.7
Effect of tax rates in foreign jurisdictions
(3.8)%
(2.9)%
(0.5)
(0.4)
Non-deductible expenses
2.7%
2.3%
0.3
0.3
Tax exempt income
(0.1)%
0.0%
0.0
0.0
Changes in tax rate
\u2013
(4.6)%
(0.8)
\u2013
Changes in estimates related to prior years
(5.2)%
0.3%
0.1
(0.5)
Current-year losses for which no deferred tax asset is recognized
(1.0)%
\u2013
\u2013
(0.1)
Other movements
1.8%
0.5%
0.1
0.2
20.4%
21.4%
3.7
2.2
Non-deductible expenses include the effect of partially deductible interest cost. During the financial year, legislation was enacted in Germany providing
for a reduction in corporate income tax rates applicable in future periods. As deferred tax assets and liabilities are measured using the tax rates expected
to apply when the related temporary differences reverse, the remeasurement of deferred taxes results in a tax benefit of EUR 0.8 million.
A
2024 numbers were re-presented to present the continuing operations only in accordance with IFRS 5. Reference is made to note 8 for more details on results from discontinued operations.
", "dimensions": { "concept": "ifrs-full:DisclosureOfIncomeTaxExplanatory", "language": "en", "entity": "scheme:724500IGR5FBK0RLZI29", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-529": { "value": "
Related parties
Identity of related parties
A related-party relationship exists between the Company and its subsidiaries, the Executive Board, the Supervisory Board and shareholders of the
Company with an interest of more than 20%. The Company has a number of agreements with its subsidiaries relating to the charging of central costs to
and from the business units, including management, development, information technology and marketing costs, as well as agreements in respect of
Group financing and use of intellectual property. Internal supplies are also obtained within the business units. Intercompany transactions are effectuated
at arm\u2019s length market prices. As all subsidiaries are fully consolidated and reflected in these financial statements, the amounts of these transactions are
not further specified. For a list of the subsidiaries, see page 217.
Compensations of key management personnel
The remuneration of the Executive Board and Supervisory Board is as follows:
EUR thousand
2025
2024
Short-term benefits
1,881.4
1,607.4
Post-employment benefits
141.1
158.9
Other long-term benefits
\u2212
\u2212
Share-based payments
140.3
50.6
Termination benefits
\u2212
\u2212
2,162.8
1,816.9
The total remuneration is included in staff costs (see note 20). For a description of the remuneration policy of the members of the Executive Board, see pages 109-124. The CEO will, based on this performance, receive a variable remuneration of 78.00% of his gross fixed remuneration. The CEO\u2019s gross variable remuneration amounts to EUR 469,404 (2024: EUR 291,696) which will be paid in cash. The CFO will, based on this performance, receive a variable remuneration of 58,65% of his gross fixed remuneration. The CFO\u2019s gross variable remuneration amounts to EUR 209,381 (2024: EUR 129,815) which will be paid in cash. Kendrion applies a share ownership guideline for members of the Executive Board of 100% of the annual fixed gross base salary for the CEO and 50% of the annual fixed gross salary of the CFO. This shareholding has to be gradually built up with performance shares earned under the long-term share incentive, subject to the sell-to-cover concept as prescribed by the \u2018Share ownership guideline\u2019. The amount charged to the profit or loss regarding the long-term variable remuneration policy, for Executive Board and Management Team, was EUR 0.3 million (2024: EUR 0.1 million). The vesting and holding periods for (conditional) shares awarded to the CEO are specified as follows:
CEO (J.A.J. van Beurden)
Number of shares
Expiry vesting period
Expiry holding period
2025
33,218
Expiry performance period 2025-2027
End of 2029
2024
30,596
Expiry performance period 2024-2026
End of 2028
2023
4,406
Expiry performance period 2023-2025
End of 2027
2022
3,229
Expiry performance period 2022-2024
End of 2026
2021
4,049
Expiry performance period 2021-2023
End of 2025
CFO (J.H. Hemmen)
Number of shares
Expiry vesting period
Expiry holding period
2025
16,421
Expiry performance period 2025-2027
End of 2029
2024
15,126
Expiry performance period 2024-2026
End of 2028
2023
2,273
Expiry performance period 2023-2025
End of 2027
2022
1,639
Expiry performance period 2022-2024
End of 2026
2021
1,906
Expiry performance period 2021-2023
End of 2025
Pensions
The Executive Board participates in the defined contribution plan of the Company. For 2025, the contribution to the pension insurer was EUR 53,072
(2024: EUR 44,508) for the CEO and EUR 40,218 (2024: EUR 35,559) for the CFO.
Transactions with shareholders
There were no transactions with shareholders, except for the dividend payments, which is disclosed under note 9.
Other related party transactions
There were no transactions with other related parties.
", "dimensions": { "concept": "ifrs-full:DisclosureOfRelatedPartyExplanatory", "language": "en", "entity": "scheme:724500IGR5FBK0RLZI29", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-530": { "value": "Compensations of key management personnel The remuneration of the Executive Board and Supervisory Board is as follows:
EUR thousand
2025
2024
Short-term benefits
1,881.4
1,607.4
Post-employment benefits
141.1
158.9
Other long-term benefits
\u2212
\u2212
Share-based payments
140.3
50.6
Termination benefits
\u2212
\u2212
2,162.8
1,816.9
The total remuneration is included in staff costs (see note 20). For a description of the remuneration policy of the members of the Executive Board,
see pages 109-124.
The CEO will, based on this performance, receive a variable remuneration of 78.00% of his gross fixed remuneration. The CEO\u2019s gross variable
remuneration amounts to EUR 469,404 (2024: EUR 291,696) which will be paid in cash.
The CFO will, based on this performance, receive a variable remuneration of 58,65% of his gross fixed remuneration. The CFO\u2019s gross variable
remuneration amounts to EUR 209,381 (2024: EUR 129,815) which will be paid in cash.
Kendrion applies a share ownership guideline for members of the Executive Board of 100% of the annual fixed gross base salary for the CEO and 50%
of the annual fixed gross salary of the CFO. This shareholding has to be gradually built up with performance shares earned under the long-term share
incentive, subject to the sell-to-cover concept as prescribed by the \u2018Share ownership guideline\u2019.
The amount charged to the profit or loss regarding the long-term variable remuneration policy, for Executive Board and Management Team, was EUR
0.3 million (2024: EUR 0.1 million).
The vesting and holding periods for (conditional) shares awarded to the CEO are specified as follows:
CEO (J.A.J. van Beurden)
Number of shares
Expiry vesting period
Expiry holding period
2025
33,218
Expiry performance period 2025-2027
End of 2029
2024
30,596
Expiry performance period 2024-2026
End of 2028
2023
4,406
Expiry performance period 2023-2025
End of 2027
2022
3,229
Expiry performance period 2022-2024
End of 2026
2021
4,049
Expiry performance period 2021-2023
End of 2025
CFO (J.H. Hemmen)
Number of shares
Expiry vesting period
Expiry holding period
2025
16,421
Expiry performance period 2025-2027
End of 2029
2024
15,126
Expiry performance period 2024-2026
End of 2028
2023
2,273
Expiry performance period 2023-2025
End of 2027
2022
1,639
Expiry performance period 2022-2024
End of 2026
2021
1,906
Expiry performance period 2021-2023
End of 2025
Pensions The Executive Board participates in the defined contribution plan of the Company. For 2025, the contribution to the pension insurer was EUR 53,072 (2024: EUR 44,508) for the CEO and EUR 40,218 (2024: EUR 35,559) for the CFO. Transactions with shareholders There were no transactions with shareholders, except for the dividend payments, which is disclosed under note 9. Other related party transactions There were no transactions with other related parties. ", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutKeyManagementPersonnelExplanatory", "language": "en", "entity": "scheme:724500IGR5FBK0RLZI29", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-531": { "value": "Compensations of key management personnel The remuneration of the Executive Board and Supervisory Board is as follows:
EUR thousand
2025
2024
Short-term benefits
1,881.4
1,607.4
Post-employment benefits
141.1
158.9
Other long-term benefits
\u2212
\u2212
Share-based payments
140.3
50.6
Termination benefits
\u2212
\u2212
2,162.8
1,816.9
Kendrion applies a share ownership guideline for members of the Executive Board of 100% of the annual fixed gross base salary for the CEO and 50% of the annual fixed gross salary of the CFO. This shareholding has to be gradually built up with performance shares earned under the long-term share incentive, subject to the sell-to-cover concept as prescribed by the \u2018Share ownership guideline\u2019. The vesting and holding periods for (conditional) shares awarded to the CEO are specified as follows:
CEO (J.A.J. van Beurden)
Number of shares
Expiry vesting period
Expiry holding period
2025
33,218
Expiry performance period 2025-2027
End of 2029
2024
30,596
Expiry performance period 2024-2026
End of 2028
2023
4,406
Expiry performance period 2023-2025
End of 2027
2022
3,229
Expiry performance period 2022-2024
End of 2026
2021
4,049
Expiry performance period 2021-2023
End of 2025
CFO (J.H. Hemmen)
Number of shares
Expiry vesting period
Expiry holding period
2025
16,421
Expiry performance period 2025-2027
End of 2029
2024
15,126
Expiry performance period 2024-2026
End of 2028
2023
2,273
Expiry performance period 2023-2025
End of 2027
2022
1,639
Expiry performance period 2022-2024
End of 2026
2021
1,906
Expiry performance period 2021-2023
End of 2025
", "dimensions": { "concept": "ifrs-full:DisclosureOfSharebasedPaymentArrangementsExplanatory", "language": "en", "entity": "scheme:724500IGR5FBK0RLZI29", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-532": { "value": "
The following German legal entities are consolidated in these consolidated financial statements: Kendrion Holding Germany GmbH, Kendrion (Villingen)
GmbH, Kendrion (Donaueschingen/Engelswies) GmbH, Kendrion Kuhnke GmbH, Kendrion Kuhnke Automation GmbH, Kendrion Kuhnke Automotive
GmbH, Kendrion INTORQ GmbH, INTORQ Beteiligungs-GmbH and Kendrion IP Management GmbH. All of the above entities make use of the
exemption under \u00a7 264(3) of the German Commercial Code (HGB). In accordance with this provision, separate annual financial statements of these
entities as at 31 December 2025 have not been and will not be published. A list of the subsidiaries benefiting from this disclosure exemption is available
from the Commercial Register at the Local Court (Amtsgericht) in Freiburg im Breisgau under registration number HRB 704749.
", "dimensions": { "concept": "ifrs-full:DisclosureOfSignificantInvestmentsInSubsidiariesExplanatory", "language": "en", "entity": "scheme:724500IGR5FBK0RLZI29", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-533": { "value": "
Post-balance sheet events
There were no post-balance sheet events that have to be taken into account in the consolidated financial statements for the year ended
31 December 2025.
", "dimensions": { "concept": "ifrs-full:DisclosureOfEventsAfterReportingPeriodExplanatory", "language": "en", "entity": "scheme:724500IGR5FBK0RLZI29", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-534": { "value": "
Fees to the auditor
With reference to Section 2:382a of the Netherlands Civil Code, the following fees have been charged by Forvis Mazars Accountants N.V. and its
member firms and affiliates to the Company, its subsidiaries and other consolidated entities:
2025
2024
Other Forvis Other Forvis
Forvis Mazars Mazars member Forvis Mazars Mazars member Deloitte
EUR thousand Accountants N.V.
firms and affiliates
Total
Accountants N.V. firms and affiliates
Accountants B.V.
Total
Audit of financial statements
618.7
250.5
869.2
389.5
406.3
72.2
868.0
Other assurance services
65.0
\u2212
65.0
100.0
\u2013
\u2013
100.0
Tax advisory services
\u2212
\u2212
\u2212
\u2013
\u2013
\u2013
\u2013
Other non-audit services
\u2212
\u2212
\u2212
\u2013
\u2013
\u2013
\u2013
Total
683.7
250.5
934.2
489.5
406.3
72.2
968.0
", "dimensions": { "concept": "ifrs-full:DisclosureOfAuditorsRemunerationExplanatory", "language": "en", "entity": "scheme:724500IGR5FBK0RLZI29", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } } } }